Economic Resilience Fund – Phase III
Ken Skates, The Minister for Economy, Transport and North Wales, has announced phase III of the Economic Resilience Fund. This third phase means the Welsh Government will make an additional £140 million available to businesses. This fund will assist with the economic challenges of Covid-19. It will also reduce any problems of the UK’s impending exit from the EU transition period. Additionally, it is part of the third phase of the Economic Resilience Fund.
Companies that received grant funding through phases one and two of the Economic Resilience Fund or Non-Domestic-Rates-Linked Support could also be eligible for phase three. The new phase will make two packages of support available:
An £80 million package of support
Phase III of the Economic Resilience Fund will help businesses to develop and to secure the jobs of their workforce
Subject to meeting the relevant eligibility criteria (a checker will be available week beginning 5th October).
- Micro businesses (employing between one and nine people) can apply for up to £10k 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 £150k. Small businesses must match this with their own investment of at least 10%. Medium businesses must match this at least 20% of their own funding;
- Large businesses (employing 250+ people) can apply for up to £200k on the condition they match this with their own investment of at least 50%.
There will be a ring-fence around £20 million of this package. This sum will support tourism and hospitality businesses facing challenges as we enter the winter months. There will also be an element of discretion in the fund to enable higher levels of support for micro-businesses and SMEs in the tourism and hospitality industries.
A £60m package of support
Phase III of the Economic Resilience Fund will help businesses that have closed or that the local lockdown has affected
Subject to meeting the relevant eligibility criteria (a checker will be available week beginning 5th October).
- A grant of £1,000 will be available to businesses occupying premises with a rateable value up to £12,000. These premises must have seen a material impact on their business as a result of local restrictions.
- A grant of £1,500 will be available to businesses in the retail, leisure and hospitality sector. These businesses must be occupying premises with a rateable value between £12,001 and £51,000. Furthermore, they must have seen a material impact on their business as a result of local restrictions.
Five per cent of the package will available, again subject to meeting eligibility criteria, to provide discretionary grants of £1,500. This will be for businesses that a local lockdown has materially impacted, but who haven’t registered to pay business rates.
A written statement regarding the third phase of the Economic Resilience Fund is available here.
You can view a recording of Ken Skates’ live press conference by following this link (fast forward to 3:05 to skip the information screen).
Wales Culture Recovery Fund – Freelancer Support
Freelancers that Covid-19 has affected and work in the arts, arts and heritage events, creative industries, culture and heritage sectors can apply for a grant via the Cultural Recovery Fund from Monday 5th October.
If you would like to apply, you will be able to identify what you will need to provide by following this link. Click the “Get Started” button and then the “Freeelancer” button:
Following the link above on Monday will take you through an eligibility checker. If you qualify, you will receive instructions to go to the relevant local authority website to submit your application.
We hope you found this article about phase III of the Economic Resilience Fund useful. For more of our articles informing you about business and general updates on Covid-19, please click here.
