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Welsh Government announces £5m support fund for Start-ups

Start Ups

As part of the Welsh Government’s £500m Economic Resilience Fund, a new £5m support package has been announced to support start-up firms.

The funding is in response to the fact that many start-ups to date have been unable to access the support provided by the Welsh Government, in terms of having to be VAT registered and trading for at least two years.

The new start-up grant will support up to 2,000 businesses in Wales, with £2,500 each. This will provide vital support to people who established their businesses between 1 April 2019 and 1 March 2020, helping them to continue trading through the COVID-19 pandemic.

To be eligible for the start-up grant, businesses must:

  • have not received funding from the Welsh Government’s Economic Resilience Fund or the non-domestic rates grant;
  • have been set up between the 1 April 2019 and 1 March 2020 and have not qualified for the UK Government’s Self Employment Income Support Scheme;
  • have less than £50,000 turnover;
  • have experienced a drop in turnover of more than 50% between April and June 2020.

Applications for the start-up grant and the second phase of the Economic Resilience Fund open from 29 June.

For more information on the support available for start ups, please read the full press release.

Loosemores provides a range of legal advisory services to both corporate and individual clients.  Our services for corporate clients include advising on corporate, commercial, property, dispute resolution and employment matters.  Our specialist sectors are Sport, Media and Entertainment, Charities and Technology.

If you need any specialist advice from our team of legal experts about the impact of COVID-19 on your business, please email commercial@loosemores.co.uk or call us on 02920 224433. Please contact Senior Partner, Mark Loosemore, or Partner, Siôn Tudur to find out more.

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