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Businesses encouraged not to miss out on £120 million funding

Photo credit: Matthew Horwood

With the deadline for the Economic Resilience Fund (ERF) application fast approaching, Kilsby Williams is encouraging businesses to act fast so as not to miss out.

The ERF is a Welsh Government fund of £120 million that businesses in Wales can access if they were impacted by the alert level two measures put in place due to rise of the Omicron virus.

Welsh Businesses in the retail, hospitality, leisure and tourism sectors, as well as their supply chains, are eligible to apply, if they have been materially impacted by a greater than 50% reduction of turnover between 13 December 2021 and 14 February 2022.

Grants between £2,500 and £25,000 are available, and the amount received is dependent on your business’ size and the number of employees you have.

Applications close at 4pm on 1 February 2022. Once you have applied, if eligible, your payment will be with you in a matter of days.

Non-essential retail, hospitality, leisure and tourism businesses can also receive support from the Non-Domestic Rates grant administered by local authorities across the country. Businesses will be entitled to a payment of £2000, £4000 or £6000, depending on their rateable value. Local authorities are also providing a discretionary fund for sole traders, freelancers, taxi drivers and businesses that employ people but do not pay business rates.

Simon Tee, Managing Partner at Kilsby Williams, said: “The Welsh Government has announced this grant to help those businesses that need it after lockdown restrictions affected their turnover significantly. The money is there, and it could make a huge difference to those businesses that take advantage of it.”