The Welsh Government has announced a new £500m *ECONOMIC RESILIENCE FUND* to assist businesses and charities in Wales.
The fund is made up of two main elements:
1. A new £100m Development Bank of Wales fund will be available for companies experiencing cash flow problems as a result of the pandemic and will provide loans of between £5,000 and £250,000 at favourable interest rates.
2. Businesses will also be able to benefit from a £400m emergency pot providing:
i) Grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April;
ii) Grants of up to £100,000 for small and medium-sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply from next week.
iii) Support for larger Welsh companies, which are of critical social or economic importance to Wales. This element will be open to qualifying businesses within the next two weeks.
The £500m Economic Resilience Fund will support businesses forced to temporarily cease trading – to go into “hibernation” – or which need cash-flow support to adapt to a remote way of working.