Business Wales has supported 750 entrepreneurs to start a business during Covid-19, with a business start-up fund worth £1.2 million. The labour market and economy have been impacted to an unprecedented degree by Covid-19, risking a reverse to progress made in Wales over the past ten years to tackle economic inactivity and reduce unemployment.
As a result of the past year, many more individuals have been facing heightened barriers to setting up a business or in finding a job.
Access to funding for entrepreneurs
The Welsh Government committed that no one should be left behind because of the pandemic, and included entrepreneurs who needed support to begin a fresh business venture. Many entrepreneurs have seen how the pandemic has driven lifestyle and economic changes and have ideas as to how to launch successful businesses – but without the essential access to funding.
Since last March, Business Wales has been supporting Welsh entrepreneurs to set up enterprises across various sectors, including construction, retail, food and drink and creative services. Many of these entrepreneurs were keen to focus on the digital development of their business and similar growth in community businesses was also seen.
In addition to a huge support package for Welsh businesses, the government is providing retaining and upskilling opportunities in areas of high growth and emerging sectors. With investment of nearly £40 million, any person aged 16 or over can access advice and help to find work in Wales, to set up their own business, or to find a place on a training course or education opportunity.
Individuals in the Welsh Labour Market who have been disproportionately affected by the pandemic are also be specifically targeted.
Business funding for targeted groups
One key element of the support package is the Barriers Fund; a business start-up fund worth £1.2 million. This has been specifically created to help those from BAME backgrounds, disabled people, young people who aren’t in education or training and women, helping them to access specific support that will allow them to start their own businesses.
The Barriers Grant has already enabled ‘hobbyist’ entrepreneurs to upgrade their operations to small businesses.
Economy Minister Ken Skates said: “We have taken new steps to safeguard jobs and provide new opportunities for people looking for work, including through self-employment. It has been one of the most challenging periods any of us have ever experienced”.
He added that the pandemic had transformed the way in which people lived and spent money, and that the support packages would allow Welsh people to survive in the immediate aftermath of the past year, and to take positive steps towards starting a new venture.
The Welsh Government’s new Economic Resilience and Reconstruction Mission will also set out a route map for driving prosperity across Wales in an equal way, and ensuring that everyone has the opportunity to realise their full potential – creating an entrepreneurial culture as an enabler for economic growth.
