The Welsh Government is making a further £6 million available to
help businesses manage the ongoing disruption and uncertainty
caused by Brexit, Economy Minister Ken Skates has announced. With
continued uncertainty remaining around the UK's departure from the
European Union following the recent extension from today until to
31 January 2020, the Welsh Government is again taking action to
support the business community during these challenging times. The
Welsh Government will continue to...Request free trial
The Welsh Government is making a further £6 million available to
help businesses manage the ongoing disruption and uncertainty
caused by Brexit, Economy Minister has announced.
With continued uncertainty remaining around the UK's
departure from the European Union following the recent extension
from today until to 31 January 2020, the Welsh Government is again
taking action to support the business community during these
challenging times.
The Welsh Government will continue to prepare for both an
agreed exit and a no deal exit from the EU, to protect the
interests of Wales and its people.
The funding builds on the success of the Welsh Government's
Brexit Business Resilience Grant Fund, delivered by Business Wales,
which made available nearly £2.5m additional funding to 51
businesses across Wales.
The £6 million now being made available to businesses will
include £5m of loan funding through the Development Bank of Wales
to support companies with capital investment projects needed to
mitigate the effects of Brexit.
A £1m capital grant fund administered through Business Wales
will be co-invested alongside the Development Bank's
loan.
The integrated offer will mean businesses can apply for grant
funding of up to 20% eligible project costs to a maximum value of
£50,000. This will be matched by a loan of the same amount or
more.
Economy Minister said: "The shambolic situation our
country finds itself in due to the UK Government's inept handling
of Brexit has left the business community in Wales with yet more
uncertainty and worry.
"In my recent meeting with the UK Government Business
Secretary I reiterated our concerns about the impact of the current
Brexit proposals on the future of the Welsh economy, and our fears
that this would damage our economic outlook and put Welsh jobs on
the line.
"The Welsh Government will continue to do all it can to
support firms in both a deal and no deal scenario. We are committed
to protecting the interests of Wales and its people and today's
announcement is another prime example of the important measures
we're taking at this time of ongoing uncertainty.
"Our Brexit Business Resilience Grant Fund has already
supported businesses in preparing for Brexit and this additional
£6m again shows our commitment to businesses in Wales."
Chief Executive of the Development Bank of Wales Giles
Thorley said: "This additional funding from the Welsh Government
will help support businesses with their preparations during this
period of economic uncertainty.
"The Development Bank is committed to supporting Welsh
businesses and this new funding offers an important boost for micro
to medium-sized businesses impacted by Brexit.
"Loans provided by the new fund will help safeguard jobs and
support business continuity across Wales."
In-line with the Welsh Government's Economic Action Plan,
businesses seeking to access the Brexit Resilience Fund will need
to demonstrate their commitment to inclusive growth, to fair work,
to promoting health in the workplace and to reducing their carbon
footprint.
A combined application process is in place with businesses
applying once for both the Development Bank loan and Business Wales
grant elements of the fund.
Businesses will need to show that public sector funding is
required for the Brexit related project to happen.
To find out more and check whether their project may be
eligible, businesses should visit the Business Wales Brexit Portal,
the Development Bank of Wales website or contact Business Wales on
0300 060 3000.
