New rural businesses in Wales suffering cashflow problems because of the impact of coronavirus may be eligible for £2,500 in grant support.
The Welsh government has announced a new start-up grant for people who established their businesses between 1 April 2019 and 1 March 2020, who fall outside the UK government’s Self Employment Income Support Scheme (SEISS) and other financial assistance schemes.
A fund of £5m has been established to pay for the scheme, although this could be extended in future.
The scheme opened for applications on 29 June and will be administered by local authorities.
To be eligible for the start-up grant, businesses must:
- have not received funding from the Welsh government’s Economic Resilience Fund or the non-domestic rates grant
- have been set up between 1 April 2019 and 1 March 2020 and not have qualified for the SEISS
- have less than £50,000 turnover
- have experienced a drop in turnover of more than 50% between April and June 2020.
Applicants will need to submit a two-page application form and self-declaration, supported by evidence to make a claim.