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More details of grant support available for Welsh businesses – applications open 17 April

The Welsh Government has published more details of the additional support it will provide to small and medium-sized businesses over and above that being offered through Central Government. 

There are two separate grant schemes, one for micro-businesses and the other for medium-sized businesses. Businesses which provide “core product from the agricultural sector” i.e. crops, milk or livestock will not qualify for support under the schemes.

Microbusinesses

These are defined as businesses employing from 1 to 9 employees.  This scheme will provide grants of up to £10,000 from the £100 million allocated under the Welsh Government Economic Resilience Fund.  The key qualifying criteria are that the business:

  • Provides confirmation that funding from any other Welsh Government non-repayable grant funding source is not being pursued
  • Can demonstrate it has experienced in excess of a 40% reduction in turnover since 1 March 2020
  • Is VAT registered
  • Is not eligible for a business rate relief grant
  • Has an operating address is in Wales and have employees in Wales
  • Must aim to maintain employment for at least 12 months
  • Has a sustainable plan exists to trade beyond the COVID-19 pandemic.

 

Medium-sized businesses

These are businesses employing from 10 to 250 employees. The scheme will provide grants of up to £100k from the £300 million allocated under the Welsh Government Economic Resilience Fund. The key qualifying criteria are that the business:

  • Provides confirmation that funding from any other Welsh Government non-repayable grant funding source is not being pursued
  • Can demonstrate it has experienced in excess of a 60% reduction in turnover since 1 March 2020
  • Is not eligible for business rate relief grant, or if it is, the amount would be deducted from the allocation from this fund
  • Has an operating address in Wales and has employees in Wales
  • Has a sustainable business plan exists to trade beyond the COVID-19 pandemic
  • Can demonstrate it is unable to access the funding needed from a bank (including the British Business Bank)
  • Confirms no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place

In both cases, applicant businesses and organisation will be expected to align with the ethos and principles of the Economic Contract, click here to view.  Business Wales has provided a short eligibility checker tool for businesses available here:

https://fundchecker.businesswales.gov.wales/#step-0

Application forms for the grants will be available from 17 April 2020. 

 

Larger businesses

Larger employers in the Welsh economy (those with more than 250 employees) are advised to make contact with their Business Wales Business Development Manager to assist with any application for the Economic Resilience Fund. Those businesses without a relationship with a Business Development Manager can call 03000 6 03000 to arrange a meeting with a Business Development Manager to assist.

WR comment - As may be seen from the amounts set aside for the various funds these are limited. The Development Bank of Wales £100 million loan fund for businesses was fully subscribed in the first week so it may be expected that the grant funding may well be exhausted in a relatively short time. 

Businesses which are potentially eligible for the funding should, therefore, look to apply as early as possible in order to give the best possible chance of obtaining the funding they need.

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