£1m fund to help 500 people start firms

THE Welsh Government is launching a £1 million fund to support up to 500 unemployed people and young people not in education, employment or training to start their own business, Economy Minister Vaughan Gething has announced.

This discretionary grant will provide financial assistance of up to £2,000 for 400 individuals who have faced barriers to starting up a business, and up to 100 young entrepreneurs.

The grant will come as a part of a package of support that will include one-to-one advice and webinars to build confidence in business practices and develop plans for starting a business.

The fund builds on the Start-up Barriers Grant, which supported 382 individuals disproportionately impacted by the COVID19 pandemic with investment to start a business in 2020/21.

Sixty percent of successful applicants were female, 12 percent were disabled people, 13 percent identified themselves as Black, Asian and Minority Ethnic, while 12 percent were young entrepreneurs.

Business Wales has now increased the advisory support available to help individuals and apply for the grant.

The has been available from Monday 13 December 2021 until the end of March 2022.

All successful applicants will be asked to consider the role they play in adopting values of equality and sustainability.

Economy Minister Vaughan Gething said: “The Welsh Government is firmly committed to delivering a fairer, greener Wales, with prosperity spread more evenly.

“A focus on supporting more business start-ups, fostering an even more vibrant SME sector and prioritising innovationdriven enterprises is key to this.

“The new funding aims to support over 100 young entrepreneurs, and to offer opportunities to 400 others who would otherwise face greater challenges to becoming self-employed.”

Visit the Business Wales website or call 03000 6 03000.