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Welsh Government releases additional £100M business support

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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.

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Business

Exam Success for Ashmole & Co Accountants

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Gwenllian Phillips

ASHMOLE & Co are delighted to announce that Gwenllian Phillips, in the Cardigan office, has completed her studies and passed all her exams to become a qualified member of the ACCA (Association of Chartered Certified Accountants).

Gwenllian, who is from Cardigan, joined the Ashmole & Co team as a Trainee Accountant in August 2020, after graduating from Aberystwyth University with a First in Accounting and Finance.

Karl Wilcox, Partner in Ashmole & Co’s Cardigan office said, “We are all so proud of Gwenllian and her fantastic achievements. She has become an integral part of our team in the Cardigan office. 

“It’s been an absolute pleasure to watch her going from strength to strength. It is important as a profession that we help to train the next generation of accountants. Qualified staff members are the lifeblood for the future success of our firm.”

Gwenllian’s day to day responsibilities include completing VAT returns, assisting in audit work and preparing end of year accounts for local sole traders, partnerships and limited companies.

Gwenllian said, “I am grateful to Ashmole and Co for being so supportive since I started and helping me gain my qualifications. I am enjoying working with local businesses and knowing that I am helping them with their needs. There has been a lot to learn and remember with every set of accounts being different but that means that every day is different which makes the role really interesting.”        

Gwenllian lives in Cardigan and in her spare time enjoys going to yoga classes, reading and walking in the countryside around Ceredigion.

If you would like to contact Ashmole & Co’s Cardigan office in Manchester House on Grosvenor Hill, please telephone: 01239 612162 or email: cardigan@ashmole.co.uk

Ashmole & Co are one of the largest chartered certified accountants in Wales. The rapidly expanding and modern firm often has job opportunities for enthusiastic individuals both qualified and non-qualified within the organisation. 

If you feel you have the qualities to be part of the team at Ashmole & Co, please email, with your CV attached, to AshmoleHR@ashmole.co.uk. 

Alternatively, apply for a specific vacancy listed on the website: www.ashmole.co.uk

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Lead distiller named Foundation Apprentice of Year at company’s awards

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Ffion Lewis receives the Foundation Apprentice of the Year award from Arwyn Watkins, OBE, managing director of Cambrian Training Company.

FFION LEWIS has been promoted to lead distiller at award-winning In the Welsh Wind Distillery, based at Tanygroes, near Cardigan, after completing a Foundation Apprenticeship in Brewing.

Now the 22-year-old’s learning journey has been rewarded with the Foundation Apprentice of the Year award at the annual Apprenticeship, Employment and Skills Awards held by Cambrian Training Company, one of Wales’ leading work-based learning providers.

There was a double celebration for In the Welsh Wind which also won the Small Employer of the Year award.

Ffion joined In the Welsh Wind as an apprentice distiller after returning home to Mid Wales from New Zealand where she lived for three years and has played a key role in the development of whiskey making at the distillery

With a background in laboratory work, the job was perfect for her. Having now progressed to a leadership qualification with Chwarae Teg Women’s Career Development Programme, Ffion says the Foundation Apprenticeship improved her confidence, self-esteem and employability.

Ffion, who is now supporting other apprentices within the business, said: “It means a lot to win this award. I think apprenticeships are really important. I had previously worked in a microbiology lab in New Zealand and didn’t have any experience in distilling before doing my apprenticeship.

“I was really happy to find a job in a job at In the Welsh Wind when I returned to West Wales.”

Recognising employers and learners who have excelled in apprenticeship, skills and employment training programmes delivered by Cambrian Training Company, the awards were held at The Metropole Hotel & Spa, Llandrindod Wells.

The other Foundation Apprentice of the Year finalist was Ryan Harding, 26, Kepak, Merthyr Tydfil who lives in Blaenavon.

With offices in Welshpool, Holyhead, Colwyn Bay, Llanelli and Llanelwedd, Cambrian Training Company delivers work-based apprenticeships across Wales.

Arwyn Watkins, OBE, the company’s managing director, congratulated Hannah and all the award winners and finalists for their achievement despite the challenging disruptions caused by the pandemic over the past two years.

“These awards showcase the dedication and commitment by individuals and companies to the apprenticeship programme here in Wales,” he added. “Ffion has demonstrated what can be achieved in career progression through apprenticeships.”

The Apprenticeship Programme in Wales is funded by the Welsh Government with support from the European Social Fund.

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Supporting Ceredigion’s small businesses at the Eisteddfod

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THE NATIONAL EISTEDDFOD OF WALES visiting Ceredigion will be an excellent opportunity to promote local businesses and boost the local economy.

In addition to the surge in visitors to the county, a number of Ceredigion businesses have taken advantage of the opportunity to sell their products at trade stands at the Eisteddfod.

Ceredigion County Council supports local/small businesses, and we are pleased that some have accepted the invitation to showcase their products in wooden huts at Pentre’ Ceredigion’s stand on the Maes.

We welcome the opportunity to show that Ceredigion is a good place to do business, and it will be an opportunity for the businesses to promote and sell their products.

Around 15 companies from Ceredigion will take advantage of the wooden huts during the week. These include Pethau Melys, Galeri Gwyn, Bay Coffee Roasters, CreatEmAber, Yoga Essentials, Canfas, Tonnau Surf, U Melt Me, Gwella, L P-D, Atebol, Coffi & Bara, In the Welsh Wind, Recover Eden, and Aberdabbadoo.

There will also be an opportunity for people to learn more about food and drink companies in the county during the daily cooking demonstrations at 11:30am in Pentre’ Ceredigion. Pop by for a treat for your tastebuds.

One local company who has taken advantage of this is the craft business L P-D. Lowri Pugh-Davies from Llangybi said: “This is a brilliant opportunity for my small business. I’m extremely grateful for the privilege and the chance to trade along with other businesses from Ceredigion, and only a stone throws away from my home. The experience will be even more special for me as this will be the first Eisteddfod where I’ll be taking a stand, and the biggest event for my small business. Thank you very much for the invaluable opportunity.”

Why not visit other areas in Ceredigion during the Eisteddfod period. You can get a glimpse of what the county has to offer here: https://www.youtube.com/watch?v=GBFvGg23UqA

Councillor Clive Davies, Ceredigion County Council Cabinet Member for the Economy and Regeneration, said: “Ceredigion businesses have so much to offer and the National Eisteddfod’s visit to the county is a truly fantastic opportunity to celebrate and promote that. It will be lovely to see visitors venturing to every part of Ceredigion to get a taste and support local businesses, as well as finding interesting companies on the Maes itself. Ceredigion County Council is proud to support small businesses too by offering slots in the wooden trading huts during the week. Remember to drop by.”

You can see Pentre’ Ceredigion’s full timetable on our website: www.ceredigion.gov.uk/eisteddfod

You can also download the Eisteddfod app and find more Information on the Eisteddfod’s website, www.eisteddfod.cymru, and follow us on social media:

Facebook: @CeredigionCountyCouncil

Twitter: @CeredigionCC

Instagram: @CaruCeredigion

Remember to share your photos too by using the hashtags #Steddfod2022 and #EisteddfodCeredigion.

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