The West Wales Credit Union was expanded in 2012 to cover the whole of Ceredigion, Carmarthenshire and Pembrokeshire to offer a safe and local banking option. The organisation is fully covered by the financial services compensation scheme and local people can then safely borrow from an ethical community bank. All surpluses from the bank’s activities are ploughed back into the community activities and setting up new branches. The recent June meeting of board members of the bank was able to record a fantastic result of £715,000 saved to date and rising every month. The community bank has its main office in Cardigan, with offices in Carmarthen and Fishguard. Many community groups, community shop and village halls have commenced their own community run branches across the three counties. Details of the current sites can be found on the new website www.wwcu.co.uk. The site also allows the members of the bank to access their account balances and request transfers and loans on line. Cris Tomos, the bank Treasurer, said: “This is a great landmark to cross £700,000 of savings. As a Credit Union bank all those people saving are also registered members of the bank and can vote in the AGM to determine the future and ensure the community fair lending ethos of the bank.” Cris added: “We are now seeing a momentum of growth within the community bank and are looking for additional board members with marketing and promoting skills, we meet one evening a month and support and acknowledge the excellent work being achieved by the Credit Union manager and all the staff.” Anyone interested in joining the board of West Wales Credit Union need to contact the main office on 01239 621408 and discuss their development plans with the Vanessa Owen the manager.
Welsh Government releases additional £100M business support
The latest phase of the Welsh Government’s Economic Resilience Fund has benefited from the release of a further £100million from ministers within 72 hours of launch, due to a massive demand.
More than 6,000 grant applications from small and medium sized businesses and social enterprises were received within 24 hours of the launch on Friday – an unprecedented response, revealing the scale of the challenges facing Welsh businesses.
The Fund aims to complement and fill the gaps left by UK Government schemes such as the Job Retention Scheme, with grants of up to £10,000 for micro-enterprises and up to £100,000 for SMEs and a light touch appraisal system designed to get money to businesses with the minimum of delay – as well as a new loan fund administered by the Development Bank of Wales.
Less than three weeks since the First Minister announced the intention to create the Fund, the Welsh Government has released a further £100 million, taking the grant fund to £300 million. This will supplement this latest phase of support, providing non-repayable grants to microbusinesses, SMEs and those large businesses of critical, social or economic importance to Wales.
The Fund has been warmly received by trade union and business organisations, with the Institute of Directors calling it ‘very welcome news for business owners and managers who are desperate for all the help they can get at this difficult time’. The South and Mid Wales Chambers of Commerce has called ‘the rapid response to date’ of the Welsh Government in supporting the economy of Wales ‘impressive’. The Wales TUC welcomed ‘additional funding to address the gaps’.
Minister for Economy, Transport and North Wales Ken Skates said: “We knew that even with the help offered by initiative such as the Job Retention Scheme, there was a massive need for quick access to grant funding if Welsh businesses were to survive this unprecedented economic shock. Whilst in order to make the scheme quick and simple we needed to take tough decisions over eligibility – like requiring businesses to be registered for VAT as a way of having to check on their trading history – it is clear from the level of response received that the Economic Resilience Fund is plugging a gap in UK Government support and providing much needed financial reassurance to many businesses at this challenging time. We will continue to review support and consider how we can develop it over the coming days.
“The rate of applications has been massive and unprecedented. This is the second time in a matter of weeks that access to Welsh Government funds aimed at easing cash flow pressures for Welsh business have quickly reached capacity, and we have responded with pace to release a further £100m into this phase 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 UK Government has done, there is an urgent need to see more of the promised lending guaranteed by the UK Government getting to the front line. The UK 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.”
Finance Minister Rebecca Evans said: “The Economic Resilience Fund is part of more than £2bn of support that we have made available to help businesses and charities during these incredibly difficult times.
“We know that support for business is crucially important but whilst we are doing everything we can in Wales to plug any gaps and provide the best possible financial support to businesses, it is clear there are further steps that the UK Government needs to urgently take.”
The Economic Resilience offers financial support to help businesses, charities and social enterprises deal with the coronavirus crisis and will be vital in helping organisations manage cash flow pressures. It is a unique additional funding stream for Wales and was designed to address gaps not currently met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales.
The first stage of the Fund saw the £100 million Development Bank of Wales’ loan scheme fully subscribed in little more than a week. Applications are currently being processed and some businesses have already received funding. It is anticipated that the Development Bank will have processed all applications received within the month.
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.
Business rates relief scheme extended
WELSH GOVERNMENT Finance Minister, Rebecca Evans AS, has extended a business rates relief scheme.
In a written statement to the Senedd last week, the Minister announced a further twelve months’ support for all retailers in Wales with a rateable value of up to £50,000.
As a result, the Welsh Government will now provide over £1/4bn in rates reliefs for businesses.
The additional money will be fully funded by the Welsh Government and will provide support of up to £2,500 towards the rates bills for retail properties with a rateable value of up to £50,000.
It will reduce rates bills to zero for retail properties with a rateable value up to £9,100 and reduce bills by £2,500 for properties with a higher rateable value.
As well as supporting retailers on the high street, the scheme will continue to support retailers in other locations. Ratepayers benefitting from the relief include those with occupied retail premises such as shops, restaurants, cafes, pubs and wine bars.
A further £2.4m will be allocated to local authorities to provide additional discretionary rates relief for local businesses and other ratepayers to respond to specific local issues. This funding will be provided through the local government settlement, taking the total being provided to local authorities for discretionary relief to £4.8m for 2020-21.
The scheme will continue to be administered by local authorities on an application basis and operates in addition to other support provided by the Welsh Government. This means that while local authorities will collect the business rates, at a cost to the local Council Taxpayer, they have little or no say in how the money collected from business rates feeds back into or supports the communities from which it is collected.
While the Welsh Government continues to tinker at the edges of business rates, as The Herald reported before Christmas there is a widespread call for the whole system to be overhauled.
In November, the Treasury Select Committee published its report on business rates.
It acknowledged the burden the current regime poses for businesses of all sectors and sizes and that it is no longer fit for purpose. It also agreed that business rates deter investment.
One solution, a commercial landowner levy based on the land value of commercial sites rather than their capital value, would shift the burden from tenants to landlords. Such a radical reform seems highly unlikely as long as the Treasury has its hooks into the billions raised by business rates. In practice, unless regulation was strict, it would enhance the desirability of obtaining tax benefits by leaving commercial sites vacant.
At the last election, every political party agreed that business rates needed reform.
Labour’s Mid and West Regional AMs Eluned Morgan and Joyce Watson welcomed the announcement.
They said as well as supporting retailers on the high street, the scheme will continue to support retailers in other locations including restaurants, cafes and public houses.
Eluned Morgan AM said: “Across Wales, 15,000 small and medium businesses will be supported in the new financial year”
Joyce Watson AM said: “I welcome this latest announcement to support local businesses. It will reduce rates bills to zero for retail properties with a rateable value up to £9,100 and support of up to £2,500 towards the rates bill for retail properties with a rateable value up to £50,000.”
Dave Matthews, who runs the Oasis bookshop in Whitland welcomed the continued support being offered saying: “We are very happy about this continuation. Oasis is much more than a shop in Whitland, it’s a drop-in centre for the community too. What makes what we do sustainable is the fact that our business is supported by this continued rate relief.”
Really Wild Festival returns
A FESTIVAL that celebrates all things inspired by nature and rural life is returning to St Davids on Saturday, May 30.
The multi-award-winning Really Wild Food and Countryside Festival will be held at Oriel y Parc Gallery and Visitor Centre from 10am-5pm on May 30, returning to the site where the event originated in 2004.
Founded in 2004, the Festival is a friendly, informal and fun event that celebrates rural life, food and country crafts. It also provides producers and growers with the opportunity to showcase their products to businesses and visitors.
Oriel y Parc Manager, Claire Bates said: “Spaces will be allocated to stall-holders on a first-come, first-served basis. To maintain the original ethos of the festival, the products on display or for sale will need to include ingredients from the wild or have a very close connection with the countryside.
“We’re committed to hosting an event that minimises our impact on the environment and are encouraging stall-holders to reduce or reuse non-biodegradable plastics wherever possible.
“Application forms are now available for producers, businesses and charities who wish to attend the event. Please note the deadline for applications is April 1.”
The festival will be held in and around the Oriel y Parc grounds and will be free to enter, with a small fee for some activities.
For more information including booking forms for concessions and exhibitors visit www.orielyparc.co.uk/reallywild.
To discuss your application email email@example.com or call 01437 720392.
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