Finally, I am considering how to use the Development Bank of Wales to consolidate and secure long-term patient capital to small and medium-sized enterprises in Wales as we navigate through the coming months. The business development grants will be open to businesses of all sizes. Microbusinesses, those that are employing between one and nine people, will be able to apply for up to £10,000, on the condition that they match this with their own investment of at least 10 per cent. SMEs, those businesses that employ between 10 and 249 people, will be able to apply for up to £150,000. Now, small businesses will be required to match this with their own funds of at least 10 per cent, and medium-sized businesses with at least 20 per cent of their own funding. Large businesses, those that employ over 250 people, will be able to apply for up to £250,000, on the condition that they match this with their own investment of at least 50 per cent. There will be an element of discretion in the fund to enable higher levels of support for microbusinesses and SMEs in the tourism and hospitality industries.

The eligibility checker, for companies to find out if they can access funding from the third phase of the ERF, will be live next week. Companies that received grant funding through phase 1 and/or 2 of the ERF, or non-domestic rate-linked grants, could also be eligible for further support through the third phase of the ERF. A further £60 million, as I've said, will be provided to support companies that are forced to close or are materially impacted by the current local restrictions.

The nature of local restrictions may vary according to differing circumstances, and may create a financial pressure for the Welsh Government if it is not mitigated in full by any UK Government response. I can say, in designing this next phase of support, we carefully analysed the economic data and incorporated learning from other areas of the UK that have been subjected to local restrictions, including, importantly, Leicester and Aberdeen. We are conscious that introducing local restrictions will impact on local economies, on businesses and employees alike, and we are working with our local partners to explore ways in which businesses may need to be supported during this time to meet their needs and those of workers and communities.

Business Wales remains the first port of call for advice for businesses, and our existing range of financial support options for businesses still remains in place. COVID-19 is an issue affecting the whole of the UK. The UK Government has a continued role to play in shaping and providing local economic support. I'm in active dialogue with UK Government Ministers on this.

We are going through a time like no other. Coronavirus and the increasing risk of the UK reaching the end of the European Union transition period without a deal have placed incredible challenge on our businesses. This announcement, though, provides the reassurance that our businesses need at a time they need it most, that further support will be available. It also leaves us with the flexibility to respond to circumstances, as they may arise, which will be important over the coming tumultuous months. As a Welsh Government, we continue to do all that we can to back our businesses, our communities and our workers.