Welsh Government announce £500m Economic Resilience fund to support businesses and charities across Wales
• Fund looks to support businesses and charities of all sizes who have been forced to close or experiencing a significant drop in income
• £100m of loans are available for companies with immediate cash flow problems
The Welsh Government has announced the launch of a £500m Economic Resilience fund to help businesses in Wales impacted by COVID-19.
The fund will support businesses and charities of all sizes, including arts organisations. £100m of the package is assigned to companies with immediate cash flow problems through loans of £5,000 to £250,000. The remaining £400m takes the form of an emergency pot for companies.
Smaller companies of up to nine staff are eligible for £10,000 grants, while companies of between 10 and 249 staff are eligible for up to £100,000. The Welsh Government has confirmed that larger companies will have access to support within the next two weeks.
The announcement comes after the Chancellor of the Exchequer released details of packages for employed and self-employed workers as a means of support in response to the impact of COVID-19.
Deborah Annetts, Chief Executive of the Incorporated Society of Musicians said:
‘We are grateful to the Welsh Government for its support to the creative industries during these unprecedented times. The emergency relief funds will help arts organisations and theatres protect their livelihood and go some way in ensuring they can open their doors again in the future.
However, clarification is needed as to how this fund will apply to the very many types of workers engaged within the thriving Welsh music industry. Many ISM members including those who live in Wales, have written to us with concerns that they will fall through the cracks of the financial measures announced by the Chancellor of the Exchequer.
We have written to the First Minister asking for further detail and will be following developments closely.’
Letter to Mark Drakeford AM
We wrote to the Wales' First Minister Mark Drakeford seeking clarification as to how the Economic Resilience Fund will support self-employed workers.
- Letter to Mark Drakeford AM (0.72MB PDF)
Other funds in Wales which will support individuals and organisations in the creative industries, including music, were announced this week:
• £1m Grassroots Music Relief Fund from Creative Wales, which will provide support for grassroots music venues to respond to immediate pressures (up to £25K per business), and additional support for the TV and publishing sector to allow it to consider future opportunities. Examples will include working on new content ideas for TV and new digital experiences.
• £7m Arts Resilience Fund led by the Arts Council of Wales. The fund will support artists and arts organisations most in need and least likely to benefit from other support programmes. Further announcements will be made about how the fund will be distributed on 7 April.