Economic Resilience Fund

Welsh Government are set to release their application form online for businesses qualifying for financial support from the Economic Resilience Fund (ERF) on Friday 17 April.

The scheme comprised three elements, support for:

  • Micro businesses of between 1 to 9 employees
  • Small and Medium sized firms of between 10 and 249 employees
  • Larger firms of 250 + employees

The fund has been established to help those companies and businesses that have not been able to access the existing grants that have been made available and businesses are being asked to complete an ‘eligibility checker’ as there are restrictions on who can apply and how much an organisation may be entitled to.

If you are a business with less than 9 employees and you qualify for the existing Business Rate Relief scheme such as the £25,000 Leisure, Retail or Hospitality grant or the £10,000 Small Business Rate Relief grant then you WILL NOT be eligible for the new ERF grant of up to  £10,000 for Micro businesses. 

If you are a business that employs between 10 and 249 employees then you may be eligible for the Small and Medium sized firms grant of up to £100,000 but any award you may have received from either of the above two grant schemes will be reduced from any award you may be entitled to under the new scheme.

Micro businesses – Grant up to £10,000

  • Employ between 1 and 9 employees (In addition to the business owner)
  • Operating address in Wales and have employees in Wales
  • VAT registered or sector/business exempt from VAT with a turnover greater than £85k, details of VAT exemption can be found at https://www.gov.uk/guidance/vat-exemption-and-partial-exemption
  • Have experienced a drop in turnover in excess of a 60% reduction in turnover since the 1 March 2020Supported businesses must aim to maintain employment for 12 months
  • Only one application per businesses
  • Businesses will need to provide:
    • details of reduction in turnover as a result of the COVID-19 outbreak
    • evidence of business address by providing VAT registration

The grant is available to microbusinesses that are not eligible for the Business Rate Grant or the support for self-employed grant

Small and medium sized firms – Grants up to £100,000

  • Employ between 10 and 249 employees
  • Are VAT registered or sector/business exempt from VAT with a turnover greater than £85k, details of VAT exemption can be found at https://www.gov.uk/guidance/vat-exemption-and-partial-exemption
  • Are headquartered in Wales or have an operating address in Wales that has full decision-making autonomy
  • Have experienced a drop in turnover greater than 60% since 1st March 2020
  • Are able to demonstrate the business / organisation will be sustainable for at least 12 months with a sustainable business plan to trade out of crisis
  • Are viable entities able to confirm some access to funding to cover costs and can demonstrate attempts (successful or otherwise) to secure funding from wider sources (for example a bank, HMRC, Development Bank of Wales, UK Government loan facilities such as the Business Interruption Scheme or direct Bank of England support) before applying for this fund
  • Are able to confirm that funding from any other Welsh Government non-repayable COVID-19 grant funding source is not being pursued
  • Are able to demonstrate that without additional support the viability of the enterprise will be under threat including the number of jobs this support protects
  • Undertake that for as long as the Coronavirus Job Retention Scheme is in place, they will not make any future compulsory redundancies.

Larger sized firms - Unspecified amount

  • Funding will be available to support large businesses employing 250 or more people and will be considered on a case by case basis

Eligibility criteria details can be found below

PLEASE NOTE: This fund is administered by the Welsh Government NOT Caerphilly County Borough Council