Published on : Wednesday, September 30, 2020
At a time when travel and tourism industries are a worst sufferer due to new-normal regulations the tourism industry in Wales is likely to get a support of £20 million funding to help sustain and grow businesses through the winter.
The fund cash is part of a £140 million support package announced by Economy Minister Ken Skates and this will help those firms that deal with the challenges of Covid-19 and Brexit.
The financial support from the third phase of the Welsh Government’s Economic Resilience Fund (ERF) is expected to be utilised in safeguarding jobs and also help in developing business or firms that were affected during the lockdown.
The worldwide lockdown has impacted severely on every nature of businesses, and it has brought havoc on the world wide tourism sector. It has been recorded that almost £300m of support has been offered to more than 13,000 companies in Wales. This has helped to protect in excess of 100,000 jobs which might otherwise have been lost.
This new phase of the ERF will experience that £80m is now available to help businesses with projects and this will help them grow and adjust to the new economic condition embraced by the Welsh economy. There will be a need to co-investment from companies and a clear plan about how they will adjust to the post-Covid economy. An additional £60m will be allocated to support businesses impacted by local lockdown restrictions.