Second phase of Economic Resilience Fund will provide lifeline to many more firms

Press Releases 20 May 2020

Welsh Government announce some details of the second phase of the Economic Resilience Fund to help smaller firms through Covid-19

Commenting on the announcement of the second phase of the Economic Resilience Fund, Ben Francis, FSB Wales Policy Chair, said:

“After several months of tireless campaigning from FSB Wales, it will be a great relief for many businesses to hear the details of the second phase of the Economic Resilience Fund from the Minister for Economy and Transport today.

“The initial phase of the scheme was welcomed by the business community. However, we know that many businesses still missed out on vital support and FSB Wales has been raising the issue of those which had fallen through the gaps. These included non-VAT registered businesses, the more recently self-employed and start-up businesses. We are grateful to the Minister for having listened to our calls and that these businesses will now fall under the remit of the new wave of the fund.

“We were also pleased to hear the Minister recognise the plight of tourism businesses and the problems faced by businesses across Wales in terms of late payment – both areas on which we have outlined concerns.

“We are concerned that the opening of the new phase of the fund won’t take place until well into June but we are reassured by the Minister’s intention to bring that deadline forward if possible. Given this, it will be critical that the second wave of the fund can operate efficiently, and that businesses find it clear and seamless. If there is to be a wait for businesses to access the fund, then they need to be able to rely on a simple application and a swift payment.

“The economic recovery from Covid-19 is going to be a mammoth task that requires us all to pull together, and the next phase of the Economic Resilience Fund will provide a vital lifeline to those businesses that are so important to our local communities and economies across the country.”