The Welsh Government has released a further £100m from its Economic Resilience Fund (ERF) to support businesses hit by the economic fallout from the Covid-19 pandemic following strong demand.
The first tranche of grant funding, some £200m, from the £500m fund went live for applications last Friday.
More than 6,000 grant applications from small SMEs and social enterprises were received within 24 hours of the launch.
Some £400m of the fund is in grant support for businesses and charities ranging from micro-businesses to larger employers.
The remaining £100m has been assigned to a now oversubscribed £100m Covid-19 loans scheme administrated by the Development Bank of Wales, with loans of up to £250,000 for firms at least two years old. The process of releasing funding to hard-pressed firms is expected to be completed over the next few weeks.
Under the ERF's grant offer micro-businesses (defined at employing between 1-9 and in addition to the owner), are entitled to grants of up to £10,000.
However, non VAT registered businesses, which cover the vast majority of start-ups created over the last two years, aren't entitled to grant support.
For qualifying SMEs, employing between 10 and 249 staff, funding of up to £100,000, is available.
Most Read
Funding for larger firms will be made on a case by case basis and could exceed £100,000.
The ERF is on top of the Welsh Government's Covid-19 emergency support of £1.2bn. This includes grants of £25,000 and £10,000, depending on the rateable value of commercial premises, and business rate holidays on premises up to rateable value of £500,000.
However, those firms being supported under the £1.2bn support package will be not eligible to support under the £400m grant element of the ERF.
Economy Minister Ken Skates said: "To ensure that money reaches businesses as quickly as possible more than 120 additional Welsh Government and Business Wales staff have been diverted onto processing applications and supporting businesses and organisations in this latest stage of the Fund.
"In these difficult and demanding economic times we have worked hard to free up resources to create such a large Fund despite the huge demands on our budget, and to strike a balance between supporting as many enterprises as possible and making a meaningful contribution to each one’s survival, as well as asking each recipient to sign up to the principles of the economic contract.
“Though we applaud much of what the 海角视频 Government has done, there is an urgent need to see more of the promised lending guaranteed by the 海角视频 Government getting to the front line.
"The 海角视频 Government must continue to support and press the high street banks to be much more responsive to the needs of our businesses at this difficult time."