Economic Resilience Fund Phase 3 - find out if your business is eligible for support

New money

08 October 2020

New money Businesses across Powys are being urged to see if they can access the third phase of Economic Resilience Funding launched by the Welsh Government.

Economy Minister Ken Skates has announced a new funding round with an extra £140m being made available to Welsh businesses to offset the economic impact of COVID-19.

Powys County Council Cabinet Member for Economic Development, Councillor James Evans said; "Of the new money being made available £20m will be ring fenced to support tourism  and hospitality businesses, an important sector in Powys, which has been hit hard by the pandemic.

"Applications for the new funding support open later this month but an eligibility fund checker for businesses is now live and I urged Powys business to see if the can access grant support in these difficult times."

The new fund includes £80m worth of business development grants which are open to micro business, small and medium enterprises (SMEs) and large business.

  • Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10k on the condition they match this with their own investment of at least 10 per cent.
  • SMEs (employing between 10 and 249 people) will be able to apply for up to £150K on the condition they match this with their own investment of at least 10% for small business (1-49 staff) and 20% for medium sized (50-249) business.
  • Large businesses (employing 250+ people) will be able to apply for up to £200K on the condition they match this with their own investment of at least 50%.

The Eligibility Checker for the fund is available at:  https://fundchecker.businesswales.gov.wales/erfphase3

Applications can be made w/c26th Oct on a first come first serviced basis.

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