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Welsh Government Economic Resilience Fund Phase 2

Firms who missed out on Phase 1 of the Welsh Government’s Economic Resilience Fund launched in March 2020 will soon be able to apply for support this again as Phase 2 kicks in.

There have been several funding initiatives introduced by the Welsh Government since the UK lockdown began, and this one is one of the more “popular” ones as evidenced by it being “paused” in April after 9,500 applications were submitted in just over a week. Unlike some of the other options available, this one pays a one-off grant which is non-repayable and is open to businesses and organisations which may not be able to obtain funding elsewhere (hence its popularity). This fund can be applied for by Micro-Businesses, SME’s and Large Businesses, where these can apply for the following amounts;

Micro-businesses – up to £10,000

SMEs – up to £100,000

Large Businesses – up to £690,000

Each of the above will have to satisfy eligibility criteria, and they can find out whether they are eligible by visiting;

https://fundchecker.businesswales.gov.wales

The amount available for Phase 2 of the fund is £100 Million

It is also worth noting that there are still other funding options available such as the Coronavirus Bounce Back Loan, but they may be loans rather than grants so would be repayable in the future.

So if your business missed out on Phase 1, head on over to the eligibility checker and see whether it can qualify for Phase 2.