News for the Tourism Industry in Wales
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7 October 2020
Economic Resilience Fund – Find out if your business is eligible for support from the third phase
Businesses across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF) by visiting the online Eligibility Checker.
Economy Minister Ken Skates announced the new phase of the fund last week which will see an additional £140m being made available to businesses. The eligibility checker will enable businesses to see if they can access the £80m tranche of the fund which will support firms with projects that can help the transition to the economy of tomorrow and will be open to micro businesses, SMEs and large businesses.
Of this, £20m will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as we enter the winter months.
Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10%; For Tourism and Hospitality micro businesses there will be discretion for grant awards of up to 100%;
SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000. Small businesses (up to 50 employees) will be required to match this with their own investment of at least 10% and medium businesses (between 50 and 249 employees) with at least 20% of their own funding; For Tourism and Hospitality SME’s there will be discretion for grant awards of up to 100%;
Large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.
The Welsh Government is currently working with local authorities and the Welsh Local Government Association on the detail of the Local Lockdown Business Fund that will support businesses impacted by local restrictions. Further details and information on how to access this fund will be published shortly on the Business Wales website. The Local Lockdown Business Fund, worth up to £60m, will provide grants based on the Non-Domestic Rates (NDR) system to businesses who meet eligibility requirements and have been materially impacted by local lockdown.
Eligible Retail, leisure and hospitality businesses in Wales occupying properties with a rateable value of between £12,001 and £51,000 could access a grant worth £1,500.
A £1,000 grant will be available to eligible businesses that have a rateable value of £12,000 or less.
Economy Minister Ken Skates said: “Welsh Government support has been crucial for businesses throughout Wales in dealing with the economic impact of the coronavirus pandemic.
“Key to this has been our unique Economic Resilience Fund which has already helped protect more than 100,000 jobs.
“Today we are opening the eligibility checker for the next £80m of the fund so businesses can find out if they are likely to benefit. We have deliberately ring-fenced £20m of this money for Tourism and hospitality businesses because we recognise the particular pressures they are under at this challenging time.
“The application process will open during the week of 26th October. We will also be providing further information on how businesses impacted by local lockdowns can access a share of the £60m we have committed for this purpose very soon.”
Stay up to date with tourism industry news
We are committed to providing the support and assurance the business community needs during these unprecedented difficult times and have issued several Coronavirus (COVID-19) related bulletins which can be found on the Tourism Industry Coronavirus (COVID-19) Bulletins page.
— Read on content.govdelivery.com/accounts/UKWALES/bulletins/2a36832
Business and Sports News from Mike Armstrong – See http://mikearmstrong.me