The fund will provide additional financial support during the coronavirus pandemic. It will help to address gaps not met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales.
The funding will be targeted at microbusinesses, SMEs and large businesses of critical social or economic importance to Wales.
The application process for businesses qualifying for financial support from the Fund will open on Friday 17 April via the Business Wales website.
Businesses considering applying for the fund should use the following link to establish whether they are likely to be eligible.
Eligibility checker - Business Wales
To be eligible for funding, 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 £10,000 support. This includes sole traders employing staff. Businesses in this bracket could qualify for support from the fund if they:
- Have experienced in excess of a 40% reduction in turnover since 1 March 2020
- Can demonstrate that efforts have been made to sustain business activity
- Are not pursuing other forms of Welsh Government non-repayable grant funding support
- Are not be entitled to business rate relief grants
Small and medium sized firms with between 10 and 249 employees could be eligible for grants of up to £100,000 if they:
- Have experienced in excess of a 60% reduction in turnover since the first day of March
- Are not be eligible for business rate relief grants, or if they are, that amount would be deducted from their allocation from this fund
- Have a sustainable business plan to trade beyond the Covid-19 pandemic
- Confirm no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place
- Are not be pursuing any other form of Welsh Government non-repayable grant funding support
Funding will also be available to support large businesses with more than 249 employees. Applications will be considered on a case-by-case basis to consider where funding can be deployed most effectively to compliment other sources of support.
Businesses seeking advice and guidance with their application should directly contact Business Wales.
Tel: 03000 6 03000