Businesses across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF). By continuing to use this site, you agree to our use of cookies. Welsh Government's COVID-19 Economic Resilience Fund - Phase 3 Opens Soon. Organisations who have previously been funded via the Third Sector Resilience Fund (TSRF) or the Voluntary Services Emergency Fund (VSEF) are eligible for additional funding through Phase 2. Welsh Economic Resilience Fund – 3rd phase. A fourth phase of the Ecomomic Resilience Fund(ERF) has been announced today - with £300m of funding support. The Economic Resilience Fund Phase 3 application process opens on Monday 26 th October and will remain open for four weeks or until funds are fully committed. Business Wales remains the first port of call for advice for businesses and our existing range of financial support options for businesses remain in place. Economic Resilience Fund – Find out if your business is eligible for support from the next phase. This announcement provides our businesses with the reassurance that further support is available when they need it most. It closed just over 24 hours after launching after nearly 6,000 applications. Economic Resilience Fund Business Development Grants Welsh Government have announced details of the above scheme which will be administered by Business Wales. Welsh Government’s Economic Resilience Fund Third Phase (Wales) The Welsh Government is making an additional £140 million available to businesses to help them deal with the economic challenges of Covid-19 and the UK’s impending exit from the EU. Economy Minister Ken Skates announced the new phase of the fund last week which will see an additional £140m being made available to businesses. Last week we opened applications for Phase 3 of the ERF with this latest round of support releasing a further £300m for businesses in Wales to help them deal with the economic challenges of this current firebreak and help them prepare for a post-Covid future as the UK exits from the Brexit transition period. Wednesday, 07 October, 2020. Some £20m of this budget will be allocated to supporting tourism and hospitality businesses facing particular constraints and challenges as we enter the winter months. Additional £140m available to businesses to help them deal with the negative impact of Covid-19 and the UK’s impending exit from the EU transition period. A further £60m will be provided to support companies needing to close or materially impacted by the current local lockdowns. Finally, I’m continuing to explore further options for supporting businesses through the pandemic, including to help them prepare for EU transition. £300 million phase of Economic Resilience Fund opens for applications Businesses can now apply for funding from the third phase of the Welsh Government’s Economic Resilience Fund (ERF). By continuing to use this site, you agree to our use of cookies. The eligibility checker will enable businesses to see if they can access the £80 million tranche of the fund which will support firms with projects that can help them transition to the economy of tomorrow. However, this pause does not affect the first and much larger element of the fund – the £200m ERF Lockdown Business Fund which remains open. The Fund builds on the work we have already undertaken to support businesses and protect jobs in the face of this unprecedented disruption to the economy. Non-essential cookies are also used to tailor and improve services. There are no details as yet as to when the funding will be available but an online eligibility checker to allow businesses to determine whether … Every business eligible for Small Business Rates Relief occupying a property with a rateable value of £12,000 or less will be eligible for a £1,000 payment. Our Welsh Government support package for businesses is the most generous offer of help anywhere in the UK. I am also considering how to use the Development Bank to consolidate and secure long term patient capital to SMEs in Wales as we navigate the next few months. For Micro Businesses applying for the Economic Resilience Fund – Phase 3: The assessment of your request will be based on the information that you provide in this application. 08 October 2020. GOV.WALES uses cookies which are essential for the site to work. Due to high demand, the Economic Resilience Fund (ERF) Phase 3 Business Grant is suspended while we process the applications received. Please see below link and details for the newly announced Economic Resilience Fund 3, Welsh Government Funding for businesses. In the first days we have already approved grants to micro business ranging from launching of a music and wellbeing programme to reducing energy costs via replacement of doors and windows, both of which secure jobs and investment for the future. Local authorities are also delivering a £25m Lockdown Discretionary Grant for businesses that are closed or materially impacted that do not pay business rates and therefore not eligible. This fund will assist with the economic challenges of Covid-19. This is because we want to support as many businesses as we can at this incredibly challenging time. Eligible businesses are able to apply for a grant of £1.5k and those who have been subject to local lockdown restrictions prior to the national firebreak are eligible for an additional £500. Our Economic Resilience Fund (ERF) has been designed to plug gaps left by the UK Government’s package of business support. Businesses can now find out if they are eligible to apply for financial support from the next phase of the Welsh Government’s Economic Resilience Fund (ERF). Economy Minister Ken Skates said: “The latest phase of the Economic Resilience Fund will provide almost £300m of crucial support to businesses affected by the firebreak which is absolutely necessary to slow down coronavirus. Find all coronavirus guidance. Please monitor the Business Wales Covid-19 Support for Business website and our social media channels for other support and updates. While some businesses will have properties that are eligible for an NDR grant, to receive any of the Lockdown Business Grants, businesses will need to register their details, as well as make a short on-line application to their respective local authority for the discretionary elements. In response the Minister for Finance and I have asked officials to explore with Local Authority colleagues how we can re-purpose the un-utilised budget from the original round of Covid-19 NDR linked grants to provide more funding to support those business who are eligible under the discretionary fund. What you need to do at alert level 4. All of Wales is at alert level 4. We are developing a mechanism for businesses to register an interest in any future funds and I will provide a further update on next steps in the coming weeks. Written Statement: Economic Resilience Fund – Phase 3. micro businesses (employing between 1 and 9 people) will be able to apply for up to £10k on the condition they match this with their own investment of at least 10%; SMEs (employing between 10 and 249 people) will be able to apply for up to £150k. Businesses can now apply for funding from the third phase of the Welsh Government’s Economic Resilience Fund (ERF). On 29 September 2020, the Minister for Economy, Transport and North Wales made an oral statement: The Economic Resilience Fund—Phase 3 (external link). So far our ERF has helped more than 13,000 businesses with more than £300m of support. Small businesses will be required to match this with their own investment of at least 10% and medium businesses with at least 20% of their own funding; large businesses (employing 250+ people) will be able to apply for up to £200k on the condition they match this with their own investment of at least 50%. Economic Resilience Fund Following the First Minister’s announcement of a short firebreak, the Economic Resilience Fund is being enhanced.