Businesses can assess if they are eligible to apply for financial support from the next phase of the Welsh Government’s Economic Resilience Fund (ERF), by using a handy online tool: https://fundchecker.businesswales.gov.wales
The online eligibility checker has re-opened and businesses can make applications for support from this phase by the end of the month. The ERF is designed to support businesses, social enterprises and charities which aren’t eligible for other Welsh Government and UK Government support schemes.
This next phase will give firms access a further £100m of financial support, targeted at micro-businesses, SMEs and large businesses of critical economic importance, which have yet to gain financial assistance from the ERF.
Around to £200m has now been provided to businesses from the ERF, and the eligibility checker will allow companies time to prepare their applications, ahead of the fund reopening for applications at the end of the month.
This latest phase will operate in a similar way to the first phase but with an update to the eligibility of the micro scheme. This will enable limited companies which are not VAT registered to access the fund, subject to criteria being met.
Large businesses which have felt more than a 60 percent reduction of turnover since 1 March 2020 may also qualify for funding, subject to meeting other conditions. A further £10m has been made available from the ERF to support larger firms.
The Development Bank of Wales loan scheme element of the fund has seen more than £90m offered or invested in more than 1,300 firms. The eligibility checker for the next phase of the ERF is available at: https://fundchecker.businesswales.gov.wales
Tags: business, Development Bank of Wales, Economic Resilience Fund, micro-business, SME, VAT