Tuesday, March 31, 2020

Welsh Government's £500 million fund to respond to Coronavirus

The Welsh Government has outlined a £500 million fund to respond to Coronavirus:

  • a new £100 million 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
  • businesses will also be able to benefit from a £400 million emergency pot providing:
    • 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.
    • 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.
    • 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 £500 million 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.

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