Economic Resilience Fund support reaching businesses quickly
Dawn Bowden MS said “Facing such unprecedented economic challenges I am pleased that the Welsh Government has been able to move quickly in distributing support to so many businesses.There is always more to do but this is good news”.
Welsh Government press release states.
“Almost £65m of applications have now been processed from the Welsh Government’s Economic Resilience Fund, the Minister for Economy, Transport and North Wales, Ken Skates has revealed.
The applications process saw an incredible 9,500 claims submitted in little more than a week.
The latest figures show more than 4,000 businesses, charities and social enterprises have already been offered or have accepted financial support from the fund.
Welsh Government staff and contractors are continuing to work through the applications to get money to businesses as quickly as possible. Businesses, which have submitted an application will be contacted as soon as possible and do not need to take any action.
Due to the high level of demand, the second phase of the Economic Resilience Fund was paused on 27 April to allow Ministers to consider what further support businesses, charities and social enterprises need and when.
The Economic Resilience Fund, which is part of the Welsh Government’s £1.7bn support package for business, provides significant financial support in addition to schemes already launched by the UK and Welsh governments.
Economy, Transport and North Wales Minister, Ken Skates said:
“We know businesses need government support at this incredibly challenging time and they need it quickly.
“The Economic Resilience Fund offers vital support for businesses, particularly those micro, small and medium-sized firms which are at the heart of our economy. This support is over and above that which is available to firms in England.
“There has been unprecedented demand for this phase of the fund and while it will benefit thousands of firms in Wales, we have been clear it will not reach all. That is why we took the decision to pause the fund and assess the current applications, and reflect on what further support we can provide.
“This continues to be an incredibly challenging period for Welsh businesses and the economy as a whole, but I want to be clear that the Welsh Government is committed to doing all that it can within its powers and resources to support firms and help see our economy back to pre-pandemic levels of growth.”
Phil Murphy of Wise Procurement Limited, in Dinas Powys, Vale of Glamorgan said:
“We were unable to access the UK Government’s coronavirus business interruption loan funding scheme and it felt like we were being left to fight this battle alone.
“Then, over the horizon, charged the Welsh Government with its Economic Resilience fund. We are very grateful for its support and we are confident the funding will help our business come through this crisis stronger than ever.”
Simon Blackham, of Anglesey Safety Training, said:
“This support now means I can carry on trading. It will enable me to stay closed for the foreseeable future and reopen in September. I cannot express how grateful I am.”
Lee Stephens, of Hiab and Plant Transport UK Ltd, Whitchurch, Cardiff said:
“I am sincerely thankful my application was accepted as this will help keep my business afloat and give me peace of mind in these challenging times.”
Samantha Tilston, of Tilston Training Limited in Llay, Wrexham, said:
“This funding has helped ensure there is a little light at the end of the tunnel, which may have just saved us.”