Commenting on the announcement today (April 20) that the Welsh Government has seen some 6,000 applications for financial assistance since the Economic Resilience Fund (ERF) scheme launched on Friday, Russell George AM – the Shadow Business Minister – said:
“The idea of the ERF is that it would plug gaps left by other schemes, and while there are aspects of it that can be supported, many small business owners and self-employed people are still not able to access funding from the scheme."
Many businesses are not able to meet the eligibility criteria. Businesses that are not VAT registered are excluded, and people who have recently become self-employed, and therefore unable to produce the required accounts are not supported.
Mr George added:
“The Welsh Government must bring forward further support in the next phase of this scheme to plug key gaps of support.
“The small business sector is the backbone of the Welsh economy, and needs the full support of Government."