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Welsh Government announces third phase of the Economic Resilience Fund

Economic Resilience Fund

The Welsh Government is making an additional £140 million available to businesses to support them with the economic challenges of the COVID-19 pandemic.

The funding from the third phase of the Welsh Government’s Economic Resilience Fund (ERF) will see wider support being provided to help secure jobs and enable businesses to develop, as well as additional support for firms affected by local lockdowns.

To date, the ERF has delivered almost £300 million of support to more than 13,000 businesses in Wales.

This new phase of the ERF will see £80 million being made available to support businesses with projects that can help them transition to the economy of tomorrow. It will require co-investment from companies and a clear plan about how they will adjust to the post-COVID economy.

Of this, £20 million will be ring fenced to support the tourism and hospitality sector.

Meanwhile an additional £60 million will be allocated to support businesses impacted by local lockdown restrictions.

The rest of the funding will be used flexibly to provide additional support, for example, to increase lending to Welsh businesses through Development Bank of Wales initiatives and to help companies deal with the impacts of the UK leaving the European Union.

The Eligibility Checker for companies to find out if they can access funding from the third phase of the ERF will be live during the week commencing 5 October.

For more information please read the full press release.

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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