New local start-ups urged to apply for support grants
- Categories : Press Release
- 01 Jul 2020
New Merthyr Tydfil businesses struggling to cope with the impact of Coronavirus are now able to apply for one-off awards of £2,500 from Welsh Government’s new Start-Up Grant scheme.
The £5m fund is described as ‘a bursary to support newly created self-employed businesses with immediate cash flow support to help them survive the economic consequences of the Covid-19 outbreak’.
You are not eligible for this grant if you are eligible for, or have received:
- The Business Rate Grant from the County Borough Council
- Economic Resilience Fund for SME and microbusinesses
- Self-Employment Income Support Scheme through HMRC
Cllr Andrew Barry, Cabinet Member for Finance and Governance, said: “This new grant will support up to 2,000 businesses in Wales, providing crucial funding to people who established their businesses between 1 April 2019 and 1 March 2020 and helping them to continue trading through the pandemic.
“This will help to support new businesses which are currently falling through the gaps of existing financial assistance schemes.”
The grant can only be claimed by businesses that meet the following criteria:
- Started trading between 1 April 2019 and 29 February 2020
- Annual turnover less than £50,000
- Businesses must be operating and employing in Wales
- Businesses must have one or more of the following:
- HMRC Unique Taxpayer Reference (UTR) Number
- VAT Registration Number or a VAT exemption certificate
- Have experienced a drop in turnover greater than 50% as a result of the Covid-19 outbreak (since 1 March 2020)
- Businesses will need to provide
- Proof of identification (one of the following): current UK or EEA photocard driving licence; current signed passport; or original birth certificate
- Proof of business address through council tax statement or utility bill
- Evidence of active trading up to 17 March 2020 through business bank statement or other financial statement (e.g. Paypal)
The Newly Self-Employed Bursary is open to applications from 29 June 2020 for up to three months. Applications will be dealt with on a first come first served basis.
Businesses can check their eligibility by visiting the Business Wales website https://fundchecker.businesswales.gov.wales