23rd April 2020
Second phase of resilience funds opens for applications
The second phase of the Welsh Government’s £500m Economic Resilience Fund is now open for applications. The first stage saw the £100m Development Bank of Wales‘ loan scheme fully subscribed in little more than a week with applications currently being processed.
The fund offers further financial support in dealing with coronavirus crisis and will be vital in helping organisations manage cash flow pressures.
It has been designed to address gaps not currently met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales.
The latest phase is targeted at micro businesses, SMEs and large businesses of critical social or economic importance to Wales. Applications can be made through the Business Wales website.
More than 120 Welsh Government and Business Wales contract staff have been diverted onto processing the many applications that are expected to ensure that money reaches businesses as quickly as possible.
“Funding from the second phase of our Economic Resilience Fund is going to be absolutely essential for businesses, charities and social enterprises in seeing them through this incredibly tough period,” said economy minister Ken Skates.
“Last week, I announced the eligibility criteria for the fund, and businesses have used this time to study whether they qualify for financial support. Those who feel they do can apply through the Business Wales website from today.
“We will be processing applications as fast as possible and we have moved staff into roles for exactly this purpose – to get money out quickly to businesses who need it.
“We are going to support as many firms as possible through this £200m tranche of funding, but I have been clear that it will not reach everyone.
“We are doing all that we can as a Welsh Government and although we fully understand how difficult times are, we need the UK Government to go further and provide the money needed for Welsh firms, of all sizes, to survive and recover.”