Financial Support

Freelancer Fund - Phase 3

The Phase 3 of the Freelancer Fund will open for applications on Monday 23 November 2020.

In this phase we will also look to support freelancers who work in events that have been significantly impacted by the Pandemic, including those working in weddings and corporate events, but not sport events. It is the intention that those wedding photographers who have applied and been rejected in earlier phases 

The length of time phase 3 remains open across Wales will depend on the number of applications received across all local authorities.

If there are any accessibility issues for you that might prevent you from completing an online application form please call the Business Wales helpline on 03000 6 03000 otherwise start the tool and follow the simple step by step guide.

To check your eligibility and apply, click here 

Economic Resilience Fund (ERF)

A third phase of the Welsh Government Economic Resilience fund (ERF) has been announced. 

This new phase of the ERF will make funds available to support businesses with projects that can help them transition to the economy of tomorrow. This fund will require match funding from companies and a clear plan about how they will adjust to the post-covid economy. 

Of the total £140 million available; 

  • £20 million will be ring fenced to support tourism and hospitality businesses who are facing particular challenges as they enter the winter months.
  • £60 million will be allocated to support businesses impacted by local lockdown restrictions. 
  • £60 million will be allocated to provide additional support such as increasing lending to via the Development Bank of Wales and initiatives to assist companies in dealing with the impacts of the UK leaving the European Union. 

The Covid-19 related business development grants will be open to micro businesses, SMEs and large businesses. 

  • 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%. 
  • SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000 on the condition they match this with their own investment of at least 10% for small business (1 to 49 staff) and 20% for medium sized (50 to 249) business. 
  • 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%. 

Companies that received grant funding through phases one and two of the ERF, or Non-Domestic Rate linked support, could also be eligible for phase three of the ERF. 

Full details of eligibility are currently being prepared by Welsh Government and an eligibility checker will be available for those seeking to apply the week commencing 5th October 2020. 

Coronavirus Job Retention Scheme (CJRS)

The Government has released the latest information on the next phase of the Job Retention Scheme.

From 1st October 2020 - The Government contribution will be reduced to 60% of wages, up to a cap of £1,875 per month for the hours the employee does not work. Employers must make up the difference of 20% to bring furlough payments to 80% of wages (up to a cap of £2,500) for unworked hours, whilst also covering NIC and pension contributions for furloughed wages.

Find out more information on how the Coronavirus Job Retention Scheme is changing.

Business Interruption Loan Scheme

Update: Please note that as of 24 September, the Chancellor of the Exchequer has announced the Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until 30 November 2020.

A new temporary loan scheme, covering a variety of different products such as loans, overdraft, invoice finance and asset finance, delivered by the British Business Bank. Launched to support primarily small and medium sized businesses to access bank lending and overdrafts. Further details can be found at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils

Government Financial Support Package for Innovative Firms

UK businesses driving innovation and development will be helped through the coronavirus outbreak with a £1.25 billion government support package. The comprehensive package includes:

  • a new £500 million loan scheme for high-growth firms called the Future Fund, which provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors
  • £750 million of targeted support for small and medium sized businesses focusing on research and development.

Coronavirus Bounce Back Loans
The Bounce Back Loan scheme is now open for applications.

Key details:
• Businesses can borrow between £2,000 and £50,000.
• The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
• Loan terms will be up to 6 years.
• The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
• The scheme will be delivered through a network of accredited lenders

Details on how to apply are here: https://bit.ly/BounceBackLoanApply

The Prince’s Trust and NatWest Enterprise Relief Fund

The £5million Enterprise Relief Fund offers grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business. In conjunction with cash grants, the initiative provides one-to-one support and guidance to anyone who needs it and who may be worried about their future.

https://www.princes-trust.org.uk/about-the-trust/coronavirus-response/enterprise-relief-fund

Pen Y Cymoedd Wind Farm Community Fund

Pen Y Cymoedd Wind Farm Community Fund is making emergency, fast-track funding available for organisations in the Fund area (the upper reaches of the Neath, Afan, Rhondda and Cynon Valleys).

There will be two funds:

  • Survival Fund: to provide emergency cashflow funding for organisations at risk of closure
  • Project Fund: to support additional services that meet immediate community needs

Pen Y Cymoedd also has grants available for businesses:

  • Micro fund – up to £5,000 – this is a one stage application
  • Vision fund - £5,001 to £25,000 – this is also a one stage application
  • Vision fund + - £25,001 upwards – this is a two stage application