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The third phase of Welsh Government’s Economic Resilience Fund (ERF) is set to be launched later this month.

An additional £140m of funding has been made available to eligible businesses as part of the ERF.

Of the funding, £80m of business development grants will be available for micro businesses, SMEs and large businesses, while £20m of this will be ringfenced for businesses in the hospitality and tourism industries.

Making the announcement on Wednesday (October 7), Welsh Government’s economy minister, Ken Skates, said: “Welsh Government support has been crucial for businesses throughout Wales in dealing with the economic impact of the coronavirus pandemic.

“Key to this has been our unique Economic Resilience Fund, which has already helped protect more than 100,000 jobs.”

Mr Skates added: “We are opening the eligibility checker for the next £80m of the fund so businesses can find out if they are likely to benefit.

“We have deliberately ringfenced £20m of this money for tourism and hospitality businesses because we recognise the particular pressures they are under at this challenging time.”

Businesses can visit obv.sr/erf3 to see if they’re eligible to receive funding.

The remaining funds – £60m – will go towards the Local Lockdown Fund, which will be launched in an attempt to support businesses in local lockdown areas, such as Caerphilly County Borough.

Welsh Government has said it is working with local authorities, as well as the Welsh Local Government Association (WLGA) to determine the final details of the funding scheme.