Welsh Government Business Grants
The Welsh Government has announced a £1.4bn support package for all businesses listed on the business rates register, covering Business Rate Relief and Business Grants
The Business Grant has 2 different components:
- Grant 1: For retail, leisure and hospitality businesses in Wales, a grant of £25,000 will be offered for businesses in these sectors with a rateable value of between £12,001 and £51,000.
- Grant 2: For all other sectors the Welsh Government package also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less
Local authorities are administering these two grants in Wales. To enable quick and efficient payments, you will need to confirm some details with your local authority.
Economic Resilience Fund
Businesses can also benefit from a £400m emergency pot.
Micro businesses, including start-ups, employing up to nine employees could be eligible for up to £10k support. This includes sole traders employing staff. Businesses in this bracket could qualify for support from the fund if they:
- Have experienced in excess of a 40% reduction in turnover since 1 March 2020
- Can demonstrate that efforts have been made to sustain business activity
- Are not pursuing other forms of Welsh Government non-repayable grant funding support
- Are not be entitled to business rate relief grants
Small and medium sized firms with between 10 and 249 employees could be eligible for grants of up to £100,000 if they:
- Have experienced in excess of a 60% reduction in turnover since the first day of March
- Are not be eligible for business rate relief grants, or if they are, that amount would be deducted from their allocation from this fund
- Have a sustainable business plan to trade beyond the Covid-19 pandemic
- Confirm no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place
- Are not be pursuing any other form of Welsh Government non-repayable grant funding support
The application process for businesses qualifying for financial support from the Economic Resilience Fund will open on Friday 17 April via the Business Wales website.
Funding will also be available to support large businesses with more than 249 employees. Applications will be considered on a case-by-case basis to consider where funding can be deployed most effectively to complement other sources of support.
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