Phase 3 of the Welsh Government’s Economic Resilience Fund:
- Introduced on 28 September 2020.
- Additional £140m available to businesses to help them deal with the negative impact of Covid-19 and the UK’s impending exit from the EU transition period.
- £80m allocated to help businesses develop and secure employment through business development grants.
- £20m being used for the tourism and hospitality businesses facing challenges when entering the winter months.
- £60m to support businesses in local lockdown areas.
- The scheme will reward businesses for creating new job opportunities for under 25-year olds.
Business development grants will be open to:
- Micro businesses (between 1 and 9 employees) will be able to apply for up to £10K on the condition they match this with their own investment for at least 10%.
- SMEs (between 10 and 249 employees) will be able to apply for up to £150k. Small businesses will be required to match this with their own investment of at least 10% and medium businesses with at least 20% of their own funding.
- Large businesses (employing 250+ people) will be able to apply for up to £200k on the condition they match this with their own investment of at least 50%.
Companies that already received funding through phases 1 and 2, may also be eligible for phase 3 of Welsh Government’s Economic Resilience Fund.
Eligibility checker due to be release week commencing 5 October 2020.
Please don’t hesitate to contact us for more details, or click on the following link https://gov.wales/written-statement-economic-resilience-fund-phase-3