* Llangollen businesses could benefit from Welsh Government cash support.
Tourism and hospitality businesses in Llangollen could benefit from an additional £140 million being made available by the Welsh Government.
The new cash for businesses is aimed at helping them deal with the challenges of coronavirus and the UK’s exit from EU, Economy
Minister Ken Skates has announced.
The funding from
the third phase of the Welsh Government’s Economic Resilience Fund (ERF) will
see wider support being provided to secure jobs and help businesses develop, as
well as additional help for firms affected by local lockdowns.
To date, the ERF has
delivered almost £300 million of support to more than 13,000 companies in
Wales. This has helped to protect in excess of 100,000 jobs which might
otherwise have been lost.
This new phase of
the ERF will see £80 million being made available to support businesses with
projects that can help them transition to the economy of tomorrow.
It will require
co-investment from companies and a clear plan about how they will adjust to the
Of this, £20
million will be ring fenced to support tourism
and hospitality businesses who are facing particular challenges as they
enter the winter months.
additional £60 million will be allocated to support businesses impacted by
local lockdown restrictions.
The rest of the
funding will be used flexibly to provide additional support, for example to
increase lending to Welsh businesses through Development Bank of Wales
initiatives and to help companies deal with the impacts of the UK leaving the
The ERF has been
designed to complement and build on the support offered by the UK Government.
Ken Skates said: “Our
Economic Resilience Fund has been absolutely crucial in supporting businesses
throughout Wales in dealing with the economic challenges of the coronavirus and
helping protect the livelihoods of more than 100,000 people.
“The next phase of
the fund, worth £140 million, builds on that success, helping us to secure jobs
and enabling businesses to continue to develop and grow in these challenging
times. There is also a specific part of the fund earmarked to support
businesses affected by local lockdowns.
“This additional help has been
designed to complement and build on the support announced by the Chancellor
last week, again demonstrating the Welsh Government’s proactive approach to go
above and beyond in providing extra financial assistance that we know our
businesses and workers need.
“The £80 million
worth of business development grants will be open to micro businesses, SMEs and
* Micro businesses (employing between 1 and 9 people) will be able to
apply for up to £10,000 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 £150,000 on the condition they match this with their own investment of
at least 10% for small business (1 to 49 staff) and 20% for medium sized (50 to
* Large businesses (employing 250+ people) will be able to apply for up to
£200,000 on the condition they match this with their own investment of at
received grant funding through phases one and two of the ERF, or Non-Domestic
Rate linked support, could also be eligible for phase three of the ERF.
The Minister added:
“We are going through a time like no other. Coronavirus and the increasing risk
of the UK reaching the end of the European Union transition period without a
deal have placed incredible challenges on our businesses.
“As a Welsh Government, we continue
to do all we can to back our businesses, our workers and our communities.”