Information from Welsh Government on business rate relief, grants and loans for businesses to help during the disruption caused by COVID-19.
BUSINESSES WITH A RATEABLE VALUE OF £12,000 OR LESS
All businesses that are eligible for Small Business Rates Relief will get a grant of £10,000.
How to apply
You do not need to do anything to apply for the grant. This will be administered through the business rates system. You do not need to contact your local authority. They will contact you.
NEW SMALL BUSINESS GRANT
Businesses will be able to apply for a new business grant. Details about how to apply will be available shortly.
BUSINESS INTERRUPTION LOAN SCHEME
The UK government has set up a new temporary Coronavirus Business Interruption Loan Scheme. Small and medium sized (SMEs) businesses will be able to apply for bank loans and overdrafts.
The UK government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The UK government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
Businesses can access the first 6 months of that finance interest free, as UK government will cover the first 6 months of interest payments.
How to apply
Further details, including on the lenders providing access to this scheme will be announced in the coming days, and the scheme will be available from early week commencing 23 March 2020.
Get help and support for your business on Business Wales, or phone 03000 6 03000. https://businesswales.gov.wales/?_ga=2.78030294.396050814.1584865546-1747582186.1547584083
Get grants, loans and investment for your business on Development Bank of Wales, or phone 0800 587 4140. https://developmentbank.wales/