£500m Economic Resilience Fund launched for Wales

The Welsh Government has announced a new £500m fund to provide extra support to the Welsh economy, businesses and charities experiencing a sharp drop in trading as a result of the coronavirus (COVID-19) pandemic.

The Economic Resilience Fund aims to plug the gaps in the support schemes already announced by the UK Government, including the Job Retention Scheme and the Self-Employed Income Support Scheme, which will guarantee 80% of people’s wages and income.

The new £500 million Welsh fund will support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus grants already announced by Welsh Government.

The fund is expected to include:-

• grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff.
• grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees.
• support for larger Welsh companies, which are of critical social or economic importance to Wales.

Details of the application process and eligibility are being finalised and will be published shortly.

Please visit the Business Wales Coronavirus advice for businesses pages for information for your business on dealing with the Coronavirus outbreak.