Last Monday the Welsh government announced the 3rd phase of their Economic Resilience Fund (ERF), with £140 million available to help businesses survive the double edged sword of Covid and Brexit
The funding is to be split :
- £80 million to support business transition to tomorrows economy
- £20m of this will be ringfenced for tourism and hospitality
- The remaining £60m allocated to support businesses impacted by local lockdown
- The balance of the £140m to be allocated flexibly e.g. increased lending through The Development Bank of Wales
The fund is open to:
- Micro businesses (employing between 1 and 9 people) can apply for up to £10,000 if they match this with their own investment of at least 10%.
- SMEs (employing between 10 and 249 people) can apply for up to £150,000 if they match this with their own investment of at least 10% for small business (1 to 49 staff) and 20% for medium sized (50 to 249) business.
- Large businesses (employing 250+ people) can apply for up to £200,000 if they match this with their own investment of at least 50%.
For More Details Click Here
The New Eligibility Checker Should be available on the Business Wales website tomorrow.
In June 2019 Chris invested all his savings into setting up a property rental business. Over the next 9 months he spent every waking hour building it.
In March 2020 he was fully booked and just about to start seeing a profit. Then lockdown happened, bookings disappeared and as a business startup he wasn’t eligible for grants.
Despite the set back he took a bounce back loan and rebuilt, ready to start again and things looked good …. then local lockdowns closed everything down again. Chris now feels desperate and unsure whether he can stay afloat much longer.
He’s not alone
If you’re feeling like Chris, please ring your client manager now so we can review your current situation and help you make the right decisions, however hard they may be.
You may not be family like Chris, but we’ll help you as if you are.
Don’t give up now, please talk to us today
Protecting You and Us With lockdowns across most of Wales we’re are tightening our procedures further.
- Some of our team are in the office this week, but we will consider closing completely again as the risk increases.
- We will be continuing to hold virtual meetings for the foreseeable future. These have proved very successful during lock-down.
- For the time being we ask that you avoid coming to our offices unless absolutely necessary
- To limit unnecessary journeys for you and potential cross infection, we also ask you to send your records electronically . Please give us ring if you need any help with this.
- To maintain safe numbers of people in reception if you do need to come to our offices for any reason please ring in advance to arrange safe time.
- To attend an appointment you must complete our online health assessment before you arrive and then use the hand sanatiser, record your temperature and follow our H&S procedures.
- If your temperature exceeds 37.5 we will unfortunately need to rearrange your appointment as a zoom call.
- If you do turn up unannounced please ring from your car to see if it is safe to come in.
We thank you for your patience and understanding
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