The Wales Economy Minister Ken Skates has outlined plans for up to £60 million in grants to be made available to support businesses affected by local lockdown measures.
The funding forms the third part of the Welsh Government’s Economic Resilience Fund (ERF), which will deliver wider support to ensure job security and help businesses rebuild and recover as well as support for firms in areas with local lockdown measures in place.
From Monday 28 September at 6 pm, almost two-thirds of the Welsh population will be under lockdown with new measures imposed in three more areas – the Vale of Glamorgan, Neath Port Talbot and Torfaen.
Grants of £1,500 will be available to retail, leisure and hospitality businesses with a rateable value between £12,001 and £51,000, while five per cent of the funding will be awarded to local authorities to distribute to businesses that are ‘materially impacted’ by local lockdown, but that are not registered to pay business rates.
The support available includes;
- Grants of up to £10,000 for micro-businesses that employ up to nine people for projects, as long as this is matched with investment of 10 per cent by the business
- Grants of up to £150,000 for small and medium-sized enterprises (SMEs), with 10 minimum match funding for small enterprises and 20 per cent match funding for medium enterprises
- Grants of up to £200,000 for larger businesses employing up to 250 people, with match funding of 50 per cent from the business
Ken Skates, the Wales Economy Minister, said:: “The third phase of the Economic Resilience Fund will take a different form. It will be designed to support businesses with projects that can help them transition to the new normal.
“To the economy of tomorrow. It will be more than just getting through. It’s about the potential to thrive in the future, not just to survive in the present
“It will require co-investment from companies and a clear adjustment plan for a post-COVID economy.”
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