Welsh Government has announced details of the above scheme which will be administered by Business Wales.
This fund is intended to support businesses in Wales with development projects to assist with recovery from the effects of the Covid-19 pandemic and future sustainability. They expect to support projects that improve the business operation from current circumstances. They particularly welcome development projects that will help sustain and create jobs for young people (25 and under), people with disabilities and people from BAME communities.
The business development grants will be open to businesses of all sizes.
• Micro businesses (employing between 1 and 9 people) will be able to apply for up to £10,000 on the condition they match this with their own investment of at least 10%; For Tourism and Hospitality micro businesses there will be discretion for grant awards of up to 100%;
• SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000. Small businesses (up to 50 employees) will be required to match this with their own investment of at least 10% and medium businesses (between 50 and 249 employees) with at least 20% of their own funding; For Tourism and Hospitality SME’s there will be discretion for grant awards of up to 100%;
• Large businesses (employing 250+ people) will be able to apply for up to £200,000 on the condition they match this with their own investment of at least 50%.
If the project is creating new jobs for young people (under 25) you may be eligible for a higher level of award.
The grant fund will be open for applications from the week commencing 26 October 2020 and remain open for four weeks.
Click here to use this tool to check your eligibility for the ERF Phase 3 Business Development Grant.
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