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Welsh government grants fund tweaked in effort to help more micro-businesses

Welsh government grants fund tweaked in effort to help more micro-businesses
Dan Martin
Dan Martin
Freelance content creator & event host
Dan Martin Content & Events
 

Posted: Wed 10th Jun 2020

The Welsh government has announced the next phase of its grants fund for businesses with a change aimed at helping more micro-companies.

The Economic Resilience Fund (ERF) is designed to support businesses, social enterprises and charities which are not eligible for other Welsh government and UK government support schemes.

Over £200m has been provided so far and the Welsh government says businesses will be able to apply for another £100m at the end of June. In the meantime, companies can check online if they are eligible.

In the first round, businesses needed to be VAT registered to apply but that is no longer a requirement if businesses meet other critieria. To be eligible, companies must:

  • Confirm that funding from any other Welsh government non-repayable grant funding source is not being pursued

  • Not be eligible for the Self-employment Income Support Scheme through the UK government

  • Have seen more than a 40% reduction in turnover since 1 March 2020

  • Be Companies House registered

  • Meet two of the three of the below:

    • Are VAT registered or exempt

    • Employing people using PAYE

    • A turnover of at least £50,000

  • Not be eligible for business rate relief

  • Have a operating address is in Wales and employees in Wales

  • Have a sustainable plan to trade beyond the COVID-19 pandemic

Ken Skates, economy, transport and North Wales minister, said: "This next phase will reach businesses, which have yet to receive funding, but we know it won't reach all those in need.

"We are proactively working on further options, but it is clear we need the UK government to step up and provide the longer-term and additional funding needed to see Welsh business through this pandemic."

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. 
 

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