The Welsh Government is making an additional £140m available to businesses to help them deal with the economic challenges of COVID-19 and the UK’s impending exit from the 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.
Of this, £20m will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months. Meanwhile an additional £60m 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 European Union. The ERF has been designed to complement and build on the support offered by the UK Government. The £80m worth of business development grants will be open to micro businesses, SMEs and large businesses.