Welsh Gov’t initiative aimed at helping unemployed people who want to start their own business launched

The Welsh Government is working with partners such as Chwarae Teg, Mubo, Assadaquaat Community Finance, Job Center Plus and the Hi Network as part of its commitment to support people throughout the coronavirus virus pandemic and beyond, so that disabled people, the those from BAME backgrounds, women and young people not in education or training to receive targeted support to help them start their own business.

Economy Minister Ken Skates announced the opening of the £ 1.2m Start-Up Barriers Fund, which is a key part of the Welsh Government’s commitment to supporting individuals affected by the coronary virus pandemic.

Although the program is available to all unemployed people who want to start their own business, he explained that the Welsh Government intends to allocate more than half the support to NEETs, disabled people from BAME backgrounds and potential female entrepreneurs as these are the groups most affected by the pandemic.

The coronavirus pandemic means that unemployed people face even more barriers to starting a business or entering the labor market than they normally would and this support program will help them overcome some of the barriers consider opportunities that they may not have previously considered.

The program will specifically target young people who left college and university in 2019 or 2020 who are particularly disadvantaged in the labor market, and the Welsh Government is working with colleges and universities to identify and support those who have – who are genuinely interested in starting their own business.

People interested in accessing this support will be required to register with Business Wales before the application process opens in December so that they can work with an advisor to develop a business plan.

Economy Minister Ken Skates said: “Starting a business can be a challenging experience at any time, but we recognize that the current economic climate of the coronary virus pandemic may make this step more daunting than ever.”

“That’s why we’re taking important steps to support our people, creating new self-employment opportunities and boosting our economy. Our Barriers Fund will work alongside our business support programs to help individuals considering self-employment make this the right decision for them, and will help them build their business understanding and confidence and develop a solid business plan so that they have the best possible chance to make their new ventures a success. ”

Cerys Furlong, Chief Executive of Chwarae Teg, said: “Chwarae Teg is delighted to be working with the Welsh Government and Business Wales on this project.

“We know that there are many hidden barriers that can prevent women from setting up their own businesses. It is important that we work together to tackle those barriers and empower women to refine their entrepreneurial skills so that they can achieve to the best of their ability. ”

Akmal Hanuk, founder and CEO of Assadaqaat Community Finance, added: “ACF is delighted to work with the Welsh Government to encourage entrepreneurship within BAME communities, focusing on women and young people in Wales.”

Support is also available from Big Ideas Wales, Welsh Government Enterprise Centers or Social Business Wales.

The Wales Business Barriers Fund will be open for applications from December 1, 2020 to March 19, 2021, or whenever the fund is fully committed. This discretionary fund will offer up to £ 2,000 to support the essential business costs of successful applicants.

For further information on the fund and the full eligibility criteria, please visit:  https://businesswales.gov.wales/grant-business-business-wales

If you have questions and would like to speak to a member of the Business Wales team, please call 03000 6 03000.