Economic Resilience Fund - Check your eligibility and apply NOW!! On Wednesday, firms were able to apply for business development grants as part of the Welsh Government's £300m Economic Resilience Fund - … Finance & Investment Home Page Original Content Podcasts Regions Sectors. £400 million Welsh Government grant funding. The criteria for grant support under the Welsh Government's Economic Resilience Fund have been revealed and the application process is expected to go live this week on Friday 17 April. Our goal, by 2030, is to commit $500 million to support economic resilience and the inclusion of disadvantaged groups in society. Previously, companies were required to provide a percentage of the funding to access these grants, but Welsh Government has now confirmed it will provide 100% funding for businesses forced to close during the firebreak. 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 latest round of the “Economic Resilience Fund” (ERF) pandemic support from the Welsh Government opens at midday today. The Economic Resilience Fund (ERF) supports businesses, including social enterprises split by: £100 million Development Bank of Wales (DBW) providing loans between £5,000 and £250,000. THE Welsh Government’s latest £180m Economic Resilience Fund package to support tourism, hospitality and leisure businesses affected by coronavirus restrictions will open for applications at noon tomorrow, Wednesday January 13. Businesses across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF). Please find below the documentation that you are required to read before submitting your application: For businesses employing between 1-10 people: For businesses employing between 11-249 people: *Please ensure you read the documentation associated to your applications as you will be asked to accept during the application stage. Our Economic Resilience Fund has been a key part of that and absolutely essential in supporting thousands of businesses across Wales in dealing with the economic impacts of the pandemic. We're seeing more success stories like these each day, thanks to the generosity of our fellow community members' investments and a shared spirit for creating future economic resilience in our mountain towns. In September, the Economy Minister Ken Skates announced £140 million would be made available under the third phase of the Welsh Government’s Economic Resilience Fund. @CEXHCC @PickardJE @NickGolding..and why Hull, the 4th most deprived LA area in the country, Priority 1 in the Levelling Up Fund, isn't in the 100 priority areas for the Community Renewal Fund based on an index of economic resilience, productivity, household income, unemployment, skills & … Member States are working on their recovery and resilience plans to access the funds under the Recovery and Resilience Facility. More information, which will be regularly updated during this week, can be found on Business Wales. However we absolutely recognise that these decisions do have a knock on effect on our economy and our businesses during what has already been an incredibly difficult year for them. “This means an additional £150 million going direct to Welsh firms to help them cover their bills and increase their resilience to help them through the challenging weeks and months ahead. The Recovery and Resilience Facility (the Facility) will make €672.5 billion in loans and grants available to support reforms and investments undertaken by Member States. SHARE . A discretionary £2,000 top-up grant for businesses closed or materially affected by the firebreak lockdown. Welcome to this week's episode of the Wales Business Review. 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. The DBW fund supports businesses trading for over two years. “By doubling the value of this phase of the fund, we are making almost £300 million available to provide more financial assistance to our small and medium employers and to businesses in the hospitality, tourism and leisure sector that must close their doors during the firebreak. This week host Carwyn Jones is joined by regular guests Robert Lloyd Griffiths (IOD), Duncan Hamer (Welsh Government) and Mark John (Tramshed … The Resilience Fund-Sierra is here to support small business owners around Lake Tahoe as they continue to evaluate and adapt their operations. The Economic Resilience Fund has been key to our efforts to protect companies, jobs and livelihoods from the severe economic effects of the virus, and I am pleased it has provided crucial financial assistance to Isringhausen GB Limited in Wrexham at a time when they needed it most. A grant fund of £400m has been put together to support Micro businesses who employ between 1 and 9 employees, SME’s employing between 10 and 249 employees and larger businesses of 250 or more employees … The ERF Sector Specific Support (operating cost) package is targeted at Hospitality, Tourism and Leisure (HTL) businesses and associated supply chain businesses that will be materially impacted by a greater than 60% impact of turnover as […] Non-essential cookies are also used to tailor and improve services. By continuing to use this site, you agree to our use of cookies. Welsh Government is also providing a further £20 million towards business grants meaning £100 million will be available for this purpose. It will have £300 million available to provide financial support to businesses. To be eligible for this second stage of support from the Economic Resilience Fund, businesses, charities and social enterprises, must meet criteria including: Micro businesses, including start-ups, employing up to nine employees could be eligible for up to £10k support. One of the messages we have received loud and clear is that businesses want certainty so that they can plan and prepare, and that they need a clear package of support to help them through this difficult time. The fund will provide additional financial support during the coronavirus pandemic and will help organisations to manage cash flow pressures. “The Economic Resilience Fund, which has been designed to plug the gaps in the UK Government’s support package, has already been crucial in protecting companies across Wales from the severe impacts of coronavirus, safeguarding more than 100,000 jobs. Key elements of the support package will include: an extra £150 million into phase three of the ERF to support to businesses affected by the firebreak cookies, Y wybodaeth ddiweddaraf am y cymorth sydd ar gael i fusnesau bach yn ystod yr achosion o coronafeirws, The latest information on the support available for small businesses during the coronavirus outbreak. These additional NDR grants will … Find out more about I’m pleased TRB Ltd is being supported by the fund, allowing them to retain their workforce at this difficult time. Following the First Minister’s announcement on 29th January, the Restrictions Business Fund non-domestic rates (NDR) grants for non-essential retail, hospitality, leisure and tourism businesses affected by national restrictions has been extended. The Economic Resilience Fund, which complements support schemes available from the UK Government, is part of the Welsh Government’s £1.7 billion support package for businesses to help deal with the economic impacts of coronavirus. Please find below the documentation that you are required to read before submitting your application: For businesses employing between 1-10 people: Application Guidance Notes; Terms and Conditions/Award Letter; Frequently Asked Questions (FAQ's) For businesses employing between 11-249 people: To further the understanding of economic resilience, Scotiabank and Mitacs have partnered to create the Scotiabank Economic Resilience Research Fund (SERRF). Welsh Government is doubling the third phase of its Economic Resilience Fund, making nearly £300 million available to support businesses that continue to be affected by COVID-19. The grant is funded by the Welsh Government but is administered by the local county authorities across Wales. What you need to do at alert level 4. “The funds will open next week and we will work hard to get money out to businesses as quickly as we can.”. This site uses cookies to make the site simpler. The Resilience Fund is a response designed to combat the economic impact COVID-19 has on the locally-based economy of Appalachian Ohio and the Mid-Ohio Valley of West Virginia. BUSINESSES across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF). Carwyn Jones, 30th October 2020 . Economic Resilience Fund (ERF) Phase 3 – Important Information . Businesses across Wales can now find out if they can apply for funding from the third phase of the Economic Resilience Fund (ERF). All of Wales is at alert level 4. Successful applicants will receive a grant of £2,500 whilst funds allow. Donor contributions help unlock investments that can create new opportunities in the regions, especially for vulnerable groups, including young people and women. GOV.WALES uses cookies which are essential for the site to work. A further discretionary £1,000 grant for businesses that were materially affected by local lockdown measures for 21 days or more prior to the start of the firebreak lockdown period. For Micro Businesses applying for the Economic Resilience Fund – Phase 3: Applications Guidance Notes; Terms and Conditions/Award Letter The Recovery and Resilience Facility. The criteria for grant support under the Welsh Government's Economic Resilience Fund have been revealed and the application process is opem TODAY, Friday 17 April. This third phase means the Welsh Government will make an additional £140 million available to businesses. Thank you, All content is available under the Open Government License, except where otherwise stated, For further support or business advice call, Close the COVID-19 campaign and return to Business Wales, Find out more about Economic Resilience Fund Update – Wales Business Review. “Key to this has been our unique Economic Resilience Fund which has already helped protect more than 100,000 jobs. Applications for the Business Development Grant element of the third phase of the Welsh Economic Resilience Fund has been paused as the grant was massively oversubscribed. This includes sole traders employing staff. Economic Resilience Fund – Phase III. The Economic Resilience Initiative Fund (ERI) Fund aims to support resilient and inclusive growth in Europe’s Southern Neighbourhood and the Western Balkans. “Today we are opening the eligibility checker for the next £80 million of the fund so businesses can find out if they are likely to benefit. The Welsh Government's Economic Resilience Fund is one of the most important ways in which businesses can obtain funding to help them through this unprecedented period; but time is … The Welsh Government has announced further information about the Economic Resilience Fund, including eligibility criteria for businesses and charities to enable them to prepare to apply. This enhanced package of support, which will see us doubling the third phase of our Economic Resilience Fund and quickly getting money out to our businesses to support them through this firebreak and beyond, is designed to provide just that. Find all coronavirus guidance. ERF – Sector Specific Fund – Important Information . Economy Minister Ken Skates announced the new phase of the fund last week which will see an additional £140m being made available to businesses. The aim is to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions. The Welsh Government has therefore announced that funding has now been set aside for a fourth phase of the Economic Resilience Fund. “This announcement, which is again in addition to the offer from UK Government, will help ensure that many Welsh businesses can keep their heads above water, plan for the future and protect the jobs on which our communities rely. Please find below the documentation that you are required to read before submitting your application. The first loans were approved within three days of the fund launch, with the first loans reaching applicants by the end of last week. Following the First Minister’s announcement of a short firebreak, the Economic Resilience Fund is being enhanced. The Economic Resilience Fund, which has been designed to plug the gaps in the UK Government’s support package, has already been crucial in protecting companies across Wales from the severe impacts of coronavirus, safeguarding more than 100,000 jobs. Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £50,000. The Economic Resilience Initiative involves a step change in EIB support for the two regions by increasing its financing by an additional €6 billion over a five year period starting from October 2016 for the Southern Neighbourhood and the Western Balkans during this period.The support is already starting to have an impact on the ground and reinforces economic resilience. As a Welsh Government we are having to make important decisions to help slow the spread of coronavirus and protect both the stability of our NHS and the health of our people. The COVID-19 Economic Resilience Fund (ERF) Phase 2 provided financial assistance for eligible businesses and organisations who faced operational and financial challenges as … Ken Skates, The Minister for Economy, Transport and North Wales, has announced phase III of the Economic Resilience Fund. Yes, the Resilience Fund is designed to provide rural communities with a loan platform for ongoing economic growth. The £100 million scheme was launched on Monday 30 March as part of the Welsh Government’s £500 million Economic Resilience Fund to support businesses in dealing with coronavirus outbreak. Posted on : 17 Apr 2020. The eligibility checker will enable businesses to see if they can access the £80m tranch e of the fund which … 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. The latest phase of the Economic Resilience Fund will provide almost £300 million of crucial support to businesses affected by the firebreak which is absolutely necessary to slow down coronavirus. cookies, Economic Resilience Fund (ERF) – Sector Specific Fund. Please note application … The fourth phase is likely to open for expressions of interest ‘in the coming … The new and bolstered economic package will see: Payments of £1,000 for businesses that are eligible for Small Business Rates relief and occupy a property with a rateable value of £12,000 or less. This fund will assist with the economic challenges of Covid-19. The fund will provide quick access to small grants that can be used to support the general operations of your small business. Once the immediate crisis has subsided, apply for additional capital to make improvements to your model - this is a longstanding business resource supported by the community. However as a result of the firebreak, which will begin on Friday 23 October and continue until Monday 9 November and will require a range of businesses to temporarily close their doors or reduce their operations, the latest round of the fund will be more than doubled to ensure further help for businesses across Wales. To be eligible, any spend will need to lead to additional income generation over time or leave a definitive legacy within the business so as it becomes demonstrably more resilient for the future While the fund is generally aimed at revenue costs, some capital costs can be considered within an overall cap of £5,000. We’ve been speaking at length and in depth with our business partners about the ongoing impact of coronavirus and the effect of the restrictions we are having to implement to slow its spread.