March 2020: Issue 5
Additional Financial Support & Grants in Wales
COVID-19
LOANS: Development Bank of Wales
The Welsh Government and the Development Bank of Wales have announced a £100m Covid-19 Wales Business Loan Scheme to support businesses affected by the Covid-19 outbreak. The Scheme will be available from the Development Bank of Wales for a limited period. It is intended to provide support to businesses who are experiencing cashflow difficulties as a result of the pandemic.

The loan scheme will work alongside the UK wide Coronavirus Business Interruption Loan Scheme, other Welsh Government and UK Government support offers, providing more vital options for Welsh businesses. Loans of between £5,000 and £250,000 are available to businesses who have been trading longer than 2 years and can demonstrate that they were able to service that level of debt before the outbreak.
Fund Details:

  • loans between £5,000 to £250,000, maximum loan levels apply

  • 12 month capital and interest repayment holiday

  • no arrangement or monitoring fees

  • 2% interest fixed for 6 years (includes the 12 month holiday)

  • 10 Minute Application

  • 3 months bank statements required

  • Open to all businesses who have been trading for 2 years or more

IF YOU ARE LOOKING AT THIS OPTION PLEASE GET YOUR APPLICATION IN QUICK.

Details of the fund, eligibility and application process can be found on the Development Bank of Wales website: 
GRANTS: Economic Resilience Fund
This is only available for Welsh Businesses and looks to plug the gap where businesses have not been able to access, or benefit from the Coronavirus grants already announced by the Welsh Government.

The £400 million emergency pot includes:

  • Grants of £10,000 for micro-businesses employing up to nine people. This includes sole traders employing staff. Qualifying businesses will be able to apply by mid-April.

  • Grants of up to £100,000 for small and medium sized firms with between 10 and 249 employees. Qualifying businesses will be able to apply by mid-April.

  • Support for larger Welsh companies, which are of critical social or economic importance to Wales. This element will be open to qualifying businesses within the next two weeks.

Details of the application process and eligibility are being finalised and will be published on the Business Wales website shortly.
Self Employment Income Support Scheme
For those that are Self Employed there is a number of avenues for you to explore.

  • The Chancellor announced that self-employed workers will be able to access a taxable grant that is worth 80 per cent of their average monthly (net) profits over the last three years, up to the value of £2,500 per month. ( Applications expected to be open by the beginning of June)


  • Self Employed can also access the business interruption loan scheme, and the new Development bank of Wales Loan mentioned above - PLEASE GET YOUR APPLICATION IN QUICK FOR THIS OPTION AS THIS POT IS LIMITED.
Welsh Government Business Grants
The Welsh Government has announced a £1.4bn support package for all businesses listed on the business rates register, covering Business Rate Relief and Business Grants
The Business Grant has 2 different components.

  • Grant 1 : For retail, leisure and hospitality businesses in Wales, a grant of £25,000 will be offered for businesses in these sectors with a rateable value of between £12,001 and £51,000.

  • Grant 2 : For all other sectors the Welsh Government package also provides a £10,000 grant to all businesses eligible for Small Business Rates Relief with a rateable value of £12,000 or less.
Local authorities are administering these two grants in Wales. To enable quick and efficient payments, you may need to confirm some details with your local authority / complete an application form.
Updates By Local Authority
Powys Local Authority
Grants

Powys County Council will automatically pay grants into qualifying businesses' bank accounts. If they do not hold bank details for your business you can expect a letter this week requesting these >> read statement from Powys here
Key Worker provisions

If you are wishing to keep your accommodation open for key workers you will need to have permission from Powys. Your contacts are:


N.B. There does seem to be confusion over this as the other local authorities were under the impression that they were to make the request (not the business). We are seeking clarification on this. In the meantime, if you're in Powys make the request as advised above.
Ceredigion Local Authority
Grants

Businesses in Ceredigion need to apply for the grant online via the link below.

As part of this process they will request that you upload a bank statement to match your name and your business name. To do this you can log into your online banking if a hard copy is not available. Print and then scan/take a photo - please ensure that you block any financial information and only leave your name, business name, address and sort code & account number - if you're unsure how to do this please contact zoe@mwtcymru.co.uk for assistance.
On the Ceredigion Council website, scroll down to Support Available > Point 2 > How to Apply.
Gwynedd Local Authority
Grants

Businesses in Gwynedd need to apply for the grant online via the link below.
On the Gwyned d Council website, click under 'Welsh Government Business Support Grants and Loans', then: 'Business Support Grant Application Form.'
MWT CYMRU FACEBOOK GROUP
If you haven't already, please make sure you join us on our MWT Cymru Facebook Members Group. There has been a lot of activity over the last few days with members sharing information. This is the fastest way to receive updates as they happen.