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Good evening,
Just when we thought that there was a lull in activity, there have been a couple of important announcements made in the last 24 hours, and worthy of our attention!
Welsh Economic Resilience Fund
- Yesterday it was announced that this Fund will re-open the fund eligibility checker by the middle of June, and open for full applications later in the month.
- This measure will allow access to the remaining £100m of the £300m already approved and allocated to micro-businesses.
- This Fund was originally opened on 17th April 2020, but paused on the 27th April after the Welsh Government was overwhelmed with applications. The pause provided them with an opportunity to assess where further support could make the biggest impact, and also what support all businesses need through the on-going rescue phase.
- This Phase 2 of the fund will operate in the same way as Phase 1, but with an additional measure which will enable Limited Companies that are NOT VAT registered to access the Fund.
- In addition the government will be seeking to develop further support for those businesses not yet reached e.g start-ups.
- And in addition to that, the Government’s Discretionary Assistance Fund will seek to support people who have been recently employed but not eligible for the Job Retention Scheme, as well as the self-employed.
- More details on the way in which this scheme will work are inevitable in the come days or weeks, and we urge you to keep yourself posted on these by clicking HERE regularly.
Charities, Social Enterprises and Vulnerable Individuals
- The Culture Secretary announced yesterday that £150m will be released from dormant bank and building society accounts to assist these groups and individuals through the coronavirus outbreak.
- These funds will be utilized to support urgent work needed to tackle youth unemployment, loans to civic society organisations, and make available fair and affordable credit to people in vulnerable circumstances
Of the £150m:
- £10m will be available for the Youth Futures Foundation - Click HERE
- £45m for the Big Society Capital – Click HERE
- £65m for Fair4AllFinance for affordable credit – Click HERE
- £30m for Access-The Foundation for Social Investment for assisting vulnerable people – Click HERE
- In addition, £200m of funding distributed by the National Lottery Community Fund will be open to bids from small charities as from Friday (22nd May).
Best wishes
Mitchell Meredith
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