IRRV Alert - week ending 6th November 2020
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Written Statement: Economic Resilience Fund Phase 3 (5 November 2020)
Written Statement: Economic Resilience Fund Phase 3
5 November 2020
The Economic Resilience Fund (ERF) has helped more than 13,000 businesses with more than £300 million of support. It has also helped to protect more than 100,000 jobs that otherwise might have been lost.
Last week Welsh Government opened applications for Phase 3 of the ERF with this latest round of support releasing a further £300 million for businesses in Wales to help them deal with the economic challenges of this current firebreak and help them prepare for a post-Covid future as the UK exits from the Brexit transition period.
The ERF 3 support comes in two main parts:
- £200 million package of Lockdown Business Grants to help those directly affected by the shorter term challenges of having to close during the firebreak, as well as those subject to local restrictions before it started. This element will provide more than 60,000 micro and SME businesses with urgent emergency finance to help them with fixed cost thru face during the firebreak and includes discretionary support available at a local authority level. £11 million which has already reached businesses.
- £100 million package of Business Development Grants to help firms prepare themselves for the longer term challenges they face. This element was intended not as day to day, emergency finance but to fund projects that can prepare their business for a post-Covid and EU exit future.
The demand for the Business Development Grant element of the Economic Resilience Fund has been exceptional with nearly 6,000 applications received. The fund has been paused to allow an assessment of applications to be undertaken.
This pause does not affect the first and much larger element of the fund – the £200 million ERF Lockdown Business Fund that remains open.
Funding is delivered collaboratively between the Welsh Government and Local Authorities.
Please use the following link to find out more about the ERF Lockdown Business Fund https://businesswales.gov.wales/coronavirus-advice/lockdown-business-fund
Please use the following link to read the statement by Welsh Government on the Economic Resilience Fund Phase 3 https://gov.wales/written-statement-economic-resilience-fund-phase-3-0