Economic Resilience Fund (ERF)
The third round of the Welsh Government’s Economic Resilience Fund (ERF) will provide funding to businesses “with projects that can help them transition to the economy of tomorrow”. Of the total £80 million, £20 million has been ring-fenced to support tourism and hospitality businesses face challenges during the winter months.
The £80 million worth of business development grants will be open to the following:
- Micro businesses (employing between one and nine people) can apply for up to £10,000 on the condition they match this with their own investment of at least 10%.
- Small and medium-sized businesses (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition 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) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%
Businesses will be able to check eligibility for ERF from 5th October.
Rapid Reaction (Local Lockdown) Fund
With 12 council areas in Wales now in local lockdown, the Welsh Government has pledged an additional £60 million to support businesses affected by the restrictions.
Most of the grants will be provided to businesses eligible for business rates who have seen a “material impact”.
Retail, leisure and hospitality businesses in Wales based in properties with a rateable value ranging from £12,001 to £51,000 may access a grant worth £1,500, while £1,000 grants will be available to those eligible businesses with a rateable value of £12,000 or less.
Of the £60 million fund. 5% will be allocated to local authorities to provide £1,500 grants to businesses affected by local restrictions but are not registered to pay business rates.
Details of how to apply for the Rapid Reaction Fund have not yet been released.
Cultural Recovery Fund for creative freelancers
Freelancers working in the arts, creative industries, arts and heritage events, culture and heritage and whose work has direct creative/cultural outcomes will also be able to apply for a £2,500 grant.
Applications open on 5th October, when freelancers will need to provide proof of work between April 2019 - July 2020 and proof of work cancelled between April 2020 - March 2021.
The funding is aimed at those who have received little or no support to date. Freelancers can check their eligibility for the Cultural Recovery Fund here.
Last updated: 7th October 2020