Apr 17th, 2020
4 mins
It was announced at the end of March there was a £500 million Economic Resilience Fund to support the Welsh economy during the COVID 19 pandemic.
This new support scheme is to help plug the gaps in the support schemed offered by the UK government, to aid the businesses and charities that are experiencing a dramatic decrease in trading as a result of Coronavirus.
The £500 million Welsh Fund was split into two different type of funding, The Development Bank of Wales Loan Scheme and Economic Resilience Fund.
The Development Bank of Wales Loan Scheme
On 30th March, a £100 Million fund was launched for companies experiencing cash flow problems as a result of the pandemic and provided loans between £5,000 and £25,000. This scheme was fully subscribed after more than 1,500 applications were received in just over one week.
The Economic Resilience Fund
Businesses can still benefit from a £400 million emergency pot providing:
- Grants of £10,000 for micro-businesses employing up to 9 people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April.
- Grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply by mid-April.
- Support for larger Welsh businesses will be announced soon.
Check to see if you are eligible: https://fundchecker.businesswales.gov.wales/
For more information about the Economic Resilience Fund: https://gov.wales/new-500-million-economic-resilience-fund-launched-wales?goal=0_fc87950c06-95ab3e0acc-215880635&mc_cid=95ab3e0acc&mc_eid=f19b245186
In addition, on 14th April, the UK Government pledged an additional £350 million on top of the £250 million they already allocated, to support the devolved administration in Wales to tackle the coronavirus.
For more information about The Chancellor committing a further £350 million to support the devolved administration in Wales to tackle coronavirus: https://www.gov.uk/government/chancellor-to-provide-extra-350m-to-tackle-coronavirus-in-wales
