From Monday 26th October, Monmouthshire businesses will be able to apply for funding from the third phase of the Economic Resilience Fund (ERF). An additional £140million is being made available to businesses across the whole of Wales. Businesses who have already benefitted from ERF Phase 1 or 2 or the Non Domestic Rates Grant may still apply for this latest round.
Within this scheme £20m will be set aside for tourism and hospitality businesses who are undoubtedly facing challenging times as they enter the winter months. The scheme will support firms with projects that can help them transition to the economy of tomorrow. Projects that help sustain and create new job opportunities for under 25 year olds, people with disabilities and people from BAME communities are particularly welcome.
Councillor Bob Greenland, Deputy Leader of Monmouthshire County Council, said: “This latest round of funding will make a real difference to businesses. It’s vital that as many Monmouthshire businesses as possible start the ball rolling by getting online and completing the Eligibility Checker, so that when the application system goes live on October 26th they can apply. Applications will close after four weeks, so time is of the essence.
“The Economic Resilience Fund has already helped 401 businesses in Monmouthshire, to the tune of £5.33 million. This support from Welsh Government has been essential for businesses across the county as they have worked to address the economic impact of COVID-19. It is my hope that this latest funding round will help protect jobs and enable businesses to withstand the challenges they are facing.”
“Meanwhile, the council continues in its work to request a wider eligibility for the additional £60m fund, due to be allocated to support businesses in areas that are subject to local lockdown,” continued Cllr. Greenland. “The impact on Monmouthshire of lockdowns in neighbouring authorities is already being felt and at present businesses in the county are not able to apply. We will continue to pursue this and encourage businesses to consider all the available funding options at this time, including the Economic Resilience Fund.”
The Economic Resilience Fund can be used for projects which improve and develop businesses. These include supporting the costs of staff and operation to work on the future development of the business, investing in the digital capability of businesses, in new processes or systems, equipment, improvements to facilities or training for staff.
The business development grants will be open to businesses of all sizes.
- 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%; For Tourism and Hospitality micro businesses there will be discretion for grant awards of up to 100%
- SMEs (employing between 10 and 249 people) will be able to apply for up to £150,000. Small businesses (up to 50 employees) will be required to match this with their own investment of at least 10% and medium businesses (between 50 and 249 employees) with at least 20% of their own funding; For Tourism and Hospitality SME’s there will be discretion for grant awards of up to 100%
- 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%.
The business must have an annual turnover of at least £50,000 and must meet one of the following criteria: It may be a company registered with Companies house or the charities commission, or is VAT registered, or is in a sector exempt from VAT with turnover above £85k. The funding is to cover the period from October 2020 to 31st March 2021
If there are any accessibility issues that might prevent a business from completing an online application form they are advised to call the helpline on 03000 6 03000.
The Eligibility Checker can be found at: https://fundchecker.businesswales.gov.wales/erfphase3