More than £1.7 billion reaches businesses in Wales

Businesses in Wales have received in excess of £1.7bn from the Welsh Government since the beginning of the coronavirus pandemic.

More than 178,000 grants totalling £1bn have been delivered through local authorities who have been administering schemes on behalf of the Welsh Government including the Non-Domestic Rates scheme, Start-Up Grant and the Discretionary Fund.

Economy Minister Ken Skates said this financial assistance has been crucial in helping thousands of businesses throughout Wales and protected many more jobs and livelihoods that might otherwise have been lost.

The funding includes over £520m provided through the Welsh Government’s Economic Resilience Fund with more payments reaching firms daily.

The Welsh Government has provided in excess of £50m to organisations and individuals through its Culture Recovery Fund.

The Minister also revealed that money is already reaching tourism, hospitality and leisure businesses from the £180m sector specific fund which opened on Wednesday, 13 January with applications being processed quickly.

The sector specific fund currently remains open and businesses can find out if they are eligible and make an application by visiting the Business Wales website.

It is estimated that under latest the package of support a typical hospitality business in Wales with the equivalent of six full-time staff could be eligible to receive between £12,000 and £14,000 in total, making it the most generous offer in the UK.

Economy Minister Ken Skates said:

“This past year has placed untold pressures and challenges on our economy and our businesses.

“As a Government we have had to make difficult, but necessary decisions to protect the health of our people and we know this has had an inevitable impact on our firms.

“That is why we have worked hard since the beginning of the pandemic to provide financial support to businesses who need it, as quickly as possible.

“To get more than £1.7 billion out to our firms has meant a huge effort, not least from our local authorities. I would like to thank each and every one them for everything they have done and continue to do in support us to protect businesses.

“Our package of help, which is in addition to that available from the UK Government, continues to be the most comprehensive and generous package of support for businesses, anywhere in the United Kingdom.

“We will continue to engage closely with the business community through these difficult times and do all that we can to support them.”