Covid-19: Support for Business
In response to the Coronavirus outbreak, Welsh and UK Governments have announced a range of measures to support businesses and workers across Wales, these include:
- Business Rate Relief
- Business grants
- Support for the Self Employed
- Access to finance
- Support for employees
In addition the Welsh Government's Business Wales and Social Business Wales services are there to support businesses in Wales through these difficult and uncertain times. The Development Bank of Wales is there to support Welsh businesses by offering finance.
The Welsh Government has announced a further package of support for Welsh Businesses. The Welsh Government has already announced £1.4 billion to support businesses dealing with the coronavirus impact, which includes rate relief schemes and business grants. Today’s announcement of a new £500 million fund builds on that funding and is primarily aimed at supporting those firms who would not qualify from previously announced support packages.
The new £100m Development Bank of Wales fund will be available for companies who are 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.
- Grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees.
- Support for larger Welsh companies, which are of critical social or economic importance to Wales.
The £500 million Economic Resilience Fund will support businesses forced to temporarily cease trading – to go into “hibernation” – or which need cash-flow support to adapt to a remote way of working.
Provision of Personal Protection Equipment (PPE)
The Welsh Government is working closely with business and industry to get supplies of critical equipment including cleaning products and PPE to front line workers facing shortages during the COVID 19 outbreak. If you feel you can contribute information on how to engage is available here.
To delay the spread of coronavirus, the UK and Welsh Government has instructed some businesses and venues including all pubs, bars and restaurants to close. Further information on which businesses need to close can be found at:
Look at our news pages here for our latest Coronavirus articles.
Business Wales have a series of digital courses and webinars, aimed at Welsh SMEs affected by the COVID-19 outbreak. Find out more here.
The links below will provide further details and guidance on how to access the various forms of support.