The Welsh Government has released new information on the Economic Resilience Fund, which is designed to provide additional financial support during the Coronavirus pandemic.
The fund is due to release £200 million of funding to microbusinesses, SMEs and large businesses of critical social or economic importance to Wales.
It is the second stage of funding for businesses following an initial loan £100 million loan scheme and forms part of a £2 billion support package for Welsh businesses and charities. 
The fund will go live for applications on 17 April via the Business Wales website, so what are the eligibility criteria for businesses?
Micro Businesses (inc. Start-Ups)
Businesses employing up to nine employees could be eligible for up to £10,000 support, including sole trader employing staff member. 
They must:

• Have experienced more than a 40 per cent reduction in turnover since 1 March 2020
• Demonstrate that efforts have been made to sustain business activity
• Not be pursuing other forms of Welsh Government non-repayable grant funding support
• Not be entitled to business rate relief grants.

Small and Medium-Sized Enterprises
Businesses that with between 10 and 249 employees could be eligible for grants of up to £100,000.
They must:

• Have experienced more than a 60 per cent reduction in turnover since 1 March 2020
• Not be eligible for business rate relief grants, or if they are, that amount would be deducted from their allocation from this fund
• Have a sustainable business plan to trade beyond the COVID-19 pandemic
• Confirm no future compulsory redundancies will be made as long as the Coronavirus Job Retention Scheme is in place
• not be pursuing any other form of Welsh Government non-repayable grant funding support.

Large Businesses
Large businesses with more than 249 employees will be considered on a case-by-case basis to consider where funding can be best deployed to complement other sources of support.
Full details on the eligibility criteria can be found by clicking here. 
The application process the Economic Resilience Fund will open on Friday 17 April via the Business Wales website by clicking here. 
Need support?
Businesses applying for funding via this scheme may require evidence to document their claim. If you need support providing this evidence or have queries about your eligibility, why not speak to our team.