Economic Resilience Fund to re-open with more support for micro-businesses

Businesses can now find out if they are eligible to apply for financial support from the next phase of the Welsh Government’s Economic Resilience Fund (ERF).

The online eligibility checker has reopened today and businesses will be able to make applications for support from this phase of the fund by the end of the month.

The ERF is designed to support businesses, social enterprises and charities, which are not eligible for other Welsh Government and UK Government support schemes.

The next phase of the fund will enable businesses to access a further £100m of financial support. It is being targeted at microbusinesses, SMEs and large businesses of critical economic importance, which have yet to receive financial assistance from the ERF.

This latest phase will operate in broadly the same way as the first phase but with an update to the eligibility of the micro scheme. This will enable some limited companies which are not VAT registered to access the fund, subject to other criteria being met.

Large businesses, which have suffered more than a 60% reduction of turnover since 1 March 2020 may also qualify for funding if they meet other conditions. A further £10m has been available from the ERF to support larger firms.

To date, almost £200m of ERF funding has been distributed to companies across Wales, supporting a wide variety of businesses to deal with the impact of coronavirus.

This includes the Development Bank of Wales’ loan scheme element of the fund which has seen more than £90m offered or invested in 1,300-plus firms.

Work is continuing to develop further options to support those businesses, which have not yet been able to access help, such as start-up firms not eligible for the UK Government’s Self Employment Income Support Scheme.

Check if you are eligible for the COVID-19 Economic Resilience Fund – please note that if you received support under the first phase you will not be eligible to apply a second time.

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