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Economic Development

Welsh Government launching fourth phase of Economic Resilience Fund after 'exceptional' demand

Economy Minister Ken Skates announced the new fund at the briefing today

Economy Minister Ken Skates

A fourth phase of the Ecomomic Resilience Fund(ERF) has been announced today - with £300m of funding support.

The £300m third part of the ERF was released last month and the £100m business development grant fund was inundated with applications.

It closed just over 24 hours after launching after nearly 6,000 applications.

This saw hundreds of businesses miss out with many not able to apply before it shut or hit with glitches on the system.

Now Economy minister Ken Skates has announced a fourth tranche of the ERF. He said £300m has been set aside by the Finance Minister Rebecca Evans for this.

He said they were now "actively considering" how the future package of support would be allocated.

Mr Skates said there would be a mechanism to express interest in the fund in the coming weeks.

He added this could "Ensure those businesses who have not yet been able for successful apply to business development grants can continue to make plans for the future.