Welsh Government’s COVID-19 Economic Resilience Fund – Phase 3 Opens Soon
Welsh Government’s COVID-19 Economic Resilience Fund – Phase 3 Opens Soon
A new round of funding has been announced to help Wales’ businesses survive the economic downturn caused by coronavirus.
Businesses throughout Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF).
An online eligibility checker has been set up to enable businesses to establish eligibility for the £80 million tranche of the fund, which will support firms with projects that can help them transition to the ‘economy of tomorrow’ following the coronavirus outbreak.
Business Development Grants will be open to micro businesses, SMEs and large businesses, as follows:
Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10%.
SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition they match this with their own investment of at least 10% for small business (1-49 staff) and 20% for medium-sized businesses (50-249 people).
Large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.
If the project is creating new jobs for young people (under 25) applicants may be eligible for a higher level of award.
The Welsh Government has also confirmed that £20 million will be ringfenced to support tourism and hospitality businesses that are facing particular challenges as they enter the winter months.
The Eligibility Checker can be found at https://fundchecker.businesswales.gov.wales/erfphase3
The grant fund will be open for applications from week commencing 26 October 2020 and remain open for four weeks.
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