- June 30, 2020
- Posted by: Lesley Griffiths AM
- Category: Latest News
A grant specifically aimed at supporting newer start-up firms dealing with the severe impact of coronavirus has been announced by the Welsh Government.
Wrexham’s Member of the Senedd, Lesley Griffiths, has welcomed the new fund which will help businesses that have missed out on existing financial assistance schemes.
The fund will be worth £5 million initially but could increase in future. It will support start-up firms which fall outside the UK Government’s Self Employment Income Support Scheme (SEISS) as they only began trading in 2019.
Additionally, after launching the eligibility checker online earlier this month, the full application process for the next phase of the Economic Resilience Fund (ERF) opened on Monday 29 June. More than £100 million is available for start-ups, micro, SMEs and large businesses during the second phase.
Applications for the new start-up support scheme opened on the same date as the ERF.
Lesley Griffiths MS hopes local firms will benefit and said: “This particular scheme is a lifeline for people who set up a business after 31 March 2019.”
“Many did not qualify for the UK Government’s Self Employment Income Support Scheme (SEISS) so the Welsh Government has acted decisively to help ensure Welsh businesses can continue to trade through the pandemic.”
“If there are any Wrexham businesses that believe they are entitled to this scheme or the Economic Resilience Fund, I would urge them to visit the Business Wales website immediately.”
The new start-up grant will provide up to 2,000 eligible businesses in Wales with £2,500 each. This will offer crucial funding to people who established their businesses between 1 April 2019 and 1 March 2020.
The Welsh Government is providing £1.7 billion to support businesses in Wales, making it the most generous and comprehensive package of assistance in the UK.
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.
Applicants will need to submit a two-page application form and self-declaration supported by evidence.
The grant will be administered by local authorities and businesses can check their eligibility by visiting the Business Wales website – https://fundchecker.businesswales.gov.wales/