Financial Support and Grants
Development Bank of Wales
The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak. The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cashflow difficulties as a result of the pandemic.
The loan scheme will work alongside the UK wide Coronavirus Business Interruption Loan Scheme, other Welsh Government and UK Government support offers, providing more vital options for Welsh businesses. Loans of between £5,000 and £250,000 are available to businesses who have been trading longer than 2 years and can demonstrate that they were able to service that level of debt before the outbreak.
• £100m fund
• loans between £5,000 to £250,000, maximum loan levels apply
• 12 month capital and interest repayment holiday
• no arrangement or monitoring fees
• 2% interest fixed for 6 years (includes the 12 month holiday)
Details of the fund, eligibility and application process can be found on the Development Bank of Wales’s website https://developmentbank.wales/
Economic Resilience Fund
Businesses can also benefit from a £400 million emergency pot providing:
• grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April.
• grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply by mid-April.
• support for larger Welsh companies, which are of critical social or economic importance to Wales. This element will be open to qualifying businesses within the next two weeks.
Details of the application process and eligibility are being finalised and will be published shortly.
Welsh Government Business Grants
The Welsh Government has announced a £1.4bn support package for all businesses listed on the business rates register, covering Business Rate Relief and Business Grants
The Business Grant has 2 different components.
Grant 1 : For retail, leisure and hospitality businesses in Wales, a grant of £25,000 will be offered for businesses in these sectors with a rateable value of between £12,001 and £51,000.
Grant 2 : For all other sectors the Welsh Government package also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
Local authorities are administering these two grants in Wales, for more information you should check out your local authorities website.