Originally written by Timothy Adler on Small Business
The Welsh government has announced a £500m Economic Resilience Fund, partly to help small businesses blighted by coronavirus.
The Economic Resilience Fund aims to plug gaps in the support schemes already announced by the UK government, including the Job Retention Scheme and the Self-Employed Income Support Scheme, which will guarantee 80 per cent of people’s wages and income.
>See also: How to get the government’s £10,000 cash grant for small businesses
The new £500m Economic Resilience Fund will support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus business grants already announced by Welsh government.
The £500m Economic Resilience Fund is made up of two main elements:
A new £100m Development Bank of Wales fund will be available for companies experiencing cash flow problems as a result of the pandemic and will provide loans of between £5,000 and £250,000 at favourable interest rates
Businesses will also be able to benefit from a £400m 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