Economic Resilience Fund – Phase Three
This post was originally published on 8 October 2020 and was updated on 28 October 2020 for freshness, accuracy, and comprehensiveness.
The Welsh Government has announced a new phase of the Economic Resilience Fund (ERF) to support businesses with projects that can help them transition to the economy of tomorrow.
Am I eligible?
Your business should meet one of the following structural criteria:
- a company registered with Companies House or the charities commission
- is VAT registered with turnover above £85k
- sector exempt from VAT with turnover above £85k
Your project should also address one or more of the following:
- Reduce carbon emissions – they want to enable more businesses to become carbon light or free.
- Develop Innovation and entrepreneurship – they want to support businesses to innovate, introduce new products and services, and succeed.
- Increase Exports and Trade – they want to proactively support trade with the rest of the UK and across the world.
- Create high-quality employment, skills development, and Fair Work – they want to improve skill bases and ensure that work is fairly rewarded.
- Develop Automation, and Digitalisation – they want to help businesses to develop and to remain competitive.
If you received a grant through phases one and two of the ERF or Non-Domestic Rate linked to support, you may still be eligible for this grant.
What support is available?
The business development grants will be open to businesses of all sizes.
- Micro businesses (1 to 9 employees (includes the business owner)) – Up to £10,000 on the condition you match this with your investment of at least 10%.
- SMEs (10 to 50 employees) – Up to £150,000 with at least 10% of your investment.
- SMEs (51 to 249 employees) – Up to £150,000 with at least 20% of your investment.
- Large businesses (250+ employees) – Up to £200,000 on the condition you match this with your investment of at least 50%.
Micro and SME businesses in the Tourism and Hospitality sector may have access to grants up to 100%.
If your project is creating new jobs for young people (under 25) you may be eligible for a higher level of award.
Please note that businesses with 10 or more employees will have access to a maximum of £2,500 per full-time equivalent role which is being safeguarded or created by the funding. Therefore, if you have 15 employees, you will only be eligible for up to £37,500.
When can I apply?
The grant fund opened for applications on 28 October 2020 and will remain open until 25 November 2020.
The funding received will be expected to cover the period from October 2020 to 31st March 2021.
To find out if you’ll be eligible, please access the eligibility checker here – https://fundchecker.businesswales.gov.wales/erfphase3.
You will need to submit your application, any applications submitted by an agent, on behalf of businesses, will be rejected.
If you have any questions regarding the support available, please don’t hesitate to contact us.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation