Business news
 

New grants for Welsh start-ups not covered by other coronavirus business support

New grants for Welsh start-ups not covered by other coronavirus business support
Dan Martin
Dan Martin
Freelance content creator & event host
Dan Martin Content & Events
 

Posted: Mon 29th Jun 2020

Applications have opened today for grants for new businesses in Wales not eligible for the UK's main COVID-19 support schemes.

The funding is aimed at companies set up after April 2019 that don't qualify for the Self Employment Income Support Scheme (SEISS) or Job Retention Scheme (JRS).

A total of £5m is initially available with 2,000 businesses able to acces a £2,500 grant.

To be eligible, start-ups must:

  • have not received funding from the Welsh government's Economic Resilience Fund (ERF) or the non-domestic rates grant

  • have been set up between 1 April 2019 and 1 March 2020

  • have not qualified for the SEISS or JRS

  • have less than £50,000 turnover

  • have experienced a drop in turnover of more than 50% between April and June 2020

Entrepreneurs can check eligibility using the form here. At the end of the form, you can select your local authority's website and apply for the grant.

Applications also open today for the second phase of the ERF which also supports businesses and social enterprises not eligible for other support.

Micro-businesses can access a grant of up to £10,000, SMEs can apply for up to £100,000 and large firms can receive a maximum of £690,000.

The criteria includes being registered with Companies House and meeting two of the following three points

  • VAT registered or exempt

  • Employing people using PAYE

  • A turnover of at least £50,000

Businesses can check eligibility for ERF here and apply here.

The Welsh government schemes address some of the gaps in the UK government's support for businesses dealing with the impact of COVID-19.

Rebecca Evans, minister for finance, said although new Wales-specific schemes have been introduced, "our budget only goes so far and we have had to make some difficult decisions.

"That is why we are calling on the UK Treasury to lift the rigid restrictions on fiscal flexibility so that we can begin our road to recovery and plan for a prosperous, post-pandemic Wales."

The latest figures show that 1.1m employers have accessed the JRS and 2.6m self-employed individuals have applied for a SEISS grant but a recent report by the Treasury Committee said more than a million business owners, self-employed people and employees have fallen through the gaps in support.

Excluded UK, a campaign group set up to represent those not receiving support, says three million people are affected.

Responding to the Treasury Committee report, a Treasury spokesperson said: "All our support is targeted to make sure we use public funds responsibly, helping those who need it most as quickly as possible, while minimising fraud risk."

The latest coronavirus support information

We are keeping you updated on the latest information on how to access the government's coronavirus business support here. You can also find advice and ask a question on Enterprise Nation's coronavirus business advice hub. Follow Enterprise Nation on Twitter too for updates.

 
Dan Martin
Dan Martin
Freelance content creator & event host
Dan Martin Content & Events
 
I'm a freelance content creator and event host who helps small businesses and the organisations that support them. I have 18 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from billionaires like Sir Richard Branson to the founders behind brand new start-ups. I've worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company's blog and social media. I'm based in Bristol where I run and host regular events with the local small business community and have strong connections to major business organisations in the south west region. In total, I've hosted over 50 events; from intimate meet-ups to conferences with an audience of hundreds including events for international brands like Facebook and Xero. I'm also a big fan of podcasts having hosted Enterprise Nation's Small Business Sessions as well as lots of online events including Facebook Live interviews, webinars and three live web chats from inside 10 Downing Street. With my partner, I co-run Lifestyle District, a lifestyle blog focused on culture, art, theatre and photography. I'm here to help. I'm volunteering free advice calls of up to an hour as part of the Recovery Advice for Business scheme, over the next 6 months. Please get in touch to see how I can help your business. 
 

Start your business journey today

Take the first step to successfully starting and growing your business.