Welsh Gov launches £1 million fund to help unemployed start a business
The Welsh Government has unveiled a grant to support 500 unemployed people to start a business.
The 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.
Economy Minister Vaughan Gething said the grant was created to “address challenges born out of the UK Government’s furlough scheme ending” and help reduce inequality.
He said: “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.
“This enhanced support and grant will provide a positive pathway for young people, delivering on the offer of self-employment in our ambitious Young Person’s Guarantee.”
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 pandemic with investment to start a business this year.
The announcement comes amid the introduction of a multitude of support schemes by the Welsh Government, largely as a response to the austerity campaign of the UK Government.
The Winter Support Scheme, which will grant eligible people a one-off payment of £100 to provide support towards paying their winter fuel bills, is opening today.
Yvette Clark was one of the successful applicants for the previous grant. She used the support she received from the Barriers Grant to open Fussy, a vintage shop, in the Goodsheds in Barry.
She said: “I’ve always wanted to have my own shop and be my own boss. I never thought it would take a pandemic for that to happen, but here I am.
“Being faced with redundancy was just the push I needed to pursue my lifetime ambition of selling vintage clothing full time.
“As part of my redundancy, I was eligible for ReAct training. After a couple of courses, I decided to put together a business plan for my own shop and got in touch with Business Wales.”
The grant will be 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.
For more information on the support available and full eligibility criteria, visit the Business Wales website. Applicants will be invited to complete an expression of interest document.
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