Wales’ COVID-19 Economic Resilience Fund Phase 3 Now Open

Following the implementation of the Welsh Government’s Fire Break lockdown, which began on Friday 23 October, a range of businesses have been required to temporarily close or reduce their operations. In response, the latest round of the Economic Resilience Fund (ERF) has been more than doubled to ensure further help for businesses across the country.

The ERF, which complements support schemes available from the UK Government, is part of the Welsh Government’s £1.7 billion support package for businesses to help deal with the economic impacts of coronavirus.

This fund is intended to support businesses with development projects to assist with recovery from the effects of the COVID-19 pandemic and future sustainability. The Welsh Government particularly welcomes development projects that will help sustain and create jobs for young people (25 and under), those with disabilities and people from BAME communities.

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%. For Tourism and Hospitality micro businesses and those forced to close due to the short Fire Break lockdown, there will be discretion for grant awards of up to 100%.

SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000. Small businesses (up to 50 employees) will be required to match this with their own investment of at least 10% and medium businesses (between 50 and 249 employees) with at least 20% of their own funding. For Tourism and Hospitality SMEs and those micro businesses forced to close due to the short Fire Break lockdown there will be discretion for grant awards of up to 100%.

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%.

Applications will remain open until 25 November 2020 or until funds are fully committed.

More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news and policy. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.