Fund set-up to help prepare businesses for Brexit
As local businesses will be aware, there is continued uncertainty remaining around the UK’s departure from the European Union following the recent extension from 31 October 2019 until 31 January 2020. The Welsh Government will be taking action to help local businesses manage the ongoing disruption and uncertainty caused by Brexit by launching a £6 million Brexit Resilience Fund.
This £6 million fund, which has now been made available to businesses, will be made up of £5 million of loan funding through the Development Bank of Wales in order to support companies with capital investment projects needed to mitigate the effects of Brexit. A further £1 million will be co-invested alongside this loan and is a capital grant fund administered through Business Wales. An integrated offer will mean businesses can apply for grant funding of up to 2% eligible project costs up to a maximum value of £50,000 – this will be matched by a loan of the same amount or more.
The Brexit Resilience Fund aims to develop capacity, improve processes, retain competitiveness, safeguard jobs and guarantee the trade flows between Wales and the rest of the world. Applications are open until 28 February 2020 (funds permitting) and funding will be required to be drawn down and completed by 31 March 2020.
For more information or to check if your business is eligible and for application guidance, contact Business Wales on 03000 6 03000.