Torfaen Start up Grant Success

TEE Covid Start Up Grant_

We are pleased to announce within the first week we have approved 22 start-up grants totalling £55k with the money getting out to the businesses quickly and helping them secure their future business prospects.

This is a grant to provide financial assistance for newly created businesses that are facing operational and financial challenges as a result of the COVID-19 outbreak.

The purpose of the grant is to support newly created businesses with immediate cash flow support to help them survive the economic consequences of the Covid-19 outbreak. The grant seeks to complement other Covid-19 response measures to support businesses, social enterprises and charitable organisations in Wales.

The eligibility criteria for the £2,500 grant is as follows:

  • Started trading between 1st April 2019 and 1st March 2020
  • Forecast annual turnover less than £50,000
  • Not in receipt of Self Employment Income Support, Non Domestic Rate Grant, Economic Resilience Fund
  • Businesses must be operating in Wales
  • Businesses must have one or more of the following
    • HMRC Unique Taxpayer Reference (UTR) Number
    • VAT Registration Number or a VAT exemption certificate
    • Written correspondence confirming registration with HMRC

Business must also have experienced a drop in turnover greater than >50% as a result of the Covid-19 outbreak between April and June 2020.

Supported businesses must aim to maintain employment for 12 months.

For further information on this grant please read the Start Up Grant Guidance Notes

The Eligibility Checker for this grant can be found here

Applications can be made from 29th June 2020 here

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Posted on: Friday 10th July 2020