Welsh Government confirms £140 million to support Welsh businesses

Funding from the third phase of Welsh Government’s Economic Resilience Fund (ERF) will provide wider support to secure jobs, help businesses develop and offer additional help for firms affected by local lockdowns.

The new phase of the ERF will see £80 million being made available to support businesses across Wales with projects to help them transition into a post-pandemic economy.

Of the funding, £20 million will be ring-fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months. An additional £60 million will be allocated to support businesses impacted by local lockdown restrictions.

The rest of the funding will be used flexibly to provide additional support – e.g. by increasing lending to Welsh businesses through initiatives provided by the Development Bank of Wales and to help companies deal with the impact of the UK’s departure from the European Union.

The ERF has been designed to complement and build on the support offered by the UK Government.

Micro businesses employing up to nine people will be able to apply for up to £10,000, and small-to-medium sized enterprises employing between 10 and 249 people will be able to apply for up to £150,000. Large businesses employing more than 250 people will be able to apply for up to £200,000.

All of the above will be on the condition that they also on the condition they match this with their own investment. Welsh Government is preparing an online eligibility checker so that businesses can find out if they can access the funding – this is expected to be available from 5 October.

For more details, visit the Welsh Government website.