Coronavirus: Wales launches £2,500 grant for start-ups

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.

See also: Self-employed and furlough schemes extended

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.