Phase 3 of the Economic Resilience Fund Business Development Grant launches 26 October

Phase 3 of the Welsh Government’s Economic Resilience Fund Business Development Grant will open for applications on 26 October 2020 for four weeks, it has been confirmed.

The fund is open to businesses in Wales of all sizes, but different conditions will apply, depending on the size of the business.

Microbusinesses with between one and nine employees will be able to apply for up to £10,000 in support, which they must match with an investment worth 10 per cent of the amount claimed.

SMEs with between 10 and 249 employees will be able to apply for a maximum of £150,000. Those with up to 50 employees must match this funding with an investment worth 10 per cent of the amount claimed, with those with between 50 and 249 employees will need to match the funding with an investment worth 20 per cent of the amount claimed.

Meanwhile, large businesses that employ 250 people or more will be able to apply for a maximum of £200,000 in funding, which they must match with an investment worth 50 per cent of the amount claimed.

Micro businesses and SMEs in the Tourism and Hospitality sectors can be considered for grant awards without investment requirements.

Where projects create new jobs for young people aged under 25, higher levels of award may be considered.

Applications are expected to address at least one of the call to action contained in the Welsh Government’s Economic Action Plan:

  1. Reduce carbon emissions – we want to enable more of our business base to become carbon light or free.
  2. Develop Innovation and entrepreneurship – we want to support businesses to innovate, introduce new products and services and succeed.
  3. Increase Exports and Trade – we want to proactively support trade with the rest of the UK and across the world.
  4. Create high quality employment, skills development, and Fair Work – we want to improve our skills base and ensure that work is fairly rewarded.
  5. Develop Automation, and Digitalisation – we want to help our businesses to develop and to remain competitive.

Businesses that have already received Phase 1 or Phase 2 grants or Non-Domestic Rate Grants remain eligible for Phase 3 grants.

More information and details of how to apply are available here.

Posted in Blog, Business, Covid-19, Covid-19 - Grants, Covid-19 Economy, Economy, Family Businesses, SME, SMEs, SMEs / Business.