A new Welsh Government initiative aimed at helping unemployed
people who are interested in starting their own business to
overcome hidden barriers opens this week.
As part of its commitment to supporting people through the
coronavirus pandemic and beyond, the Welsh Government is working
with partners such as Chwarae Teg, Mubo, Assadaquaat Community
Finance, Jobcentre Plus and Network She so that disabled people,
those from BAME backgrounds, women and young people not in
education or training, can access targeted support to help them
start their own business.
Economy Minister announced the opening of the £1.2m business start-up
Barriers Fund, which is a key part of the Welsh Government’s
commitment to supporting individuals that have been hit hard by
the coronavirus pandemic. He explained that while the programme
is open to all unemployed people looking to start their own
business, the Welsh Government plans to allocate more than half
of the support to young people not in education and training,
disabled people, those from BAME backgrounds and budding female
entrepreneurs as these are groups expected to be hardest hit by
the pandemic .
The Coronavirus outbreak means that unemployed people face even
greater barriers to starting a business or accessing the labour
market than they would usually and this programme of support will
help them to overcome some of those barriers and explore
opportunities they might not have previously considered.
The programme will specifically target young people who left
college and university in 2019 or 2020 who are at a particular
disadvantage in the labour market, with the Welsh Government
working with colleges and universities to identify and support
unemployed leavers with a real interest 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 adviser to develop a
business plan.
Economy Minister said: “Starting a business can be a challenging
experience at any time, but we recognise the backdrop of the
current economic climate caused by the ongoing coronavirus
pandemic could make this move more daunting than ever.
“That’s why we are taking important steps to support our
people, provide new self-employment opportunities and boost our
economy. Our Barriers Fund will work alongside our business
support programmes to help individuals who are considering
self-employment to ensure this is the right decision for them,
and will help them build their business understanding and
confidence and develop a robust business plan so they have the
very best chance of making their new ventures a success.”
Chwarae Teg chief executive Cerys Furlong said: “Chwarae Teg is
really pleased to be collaborating with the Welsh Government
and Business Wales on this project.
“We know that there are many hidden barriers which can hold
women back from setting up their own businesses. It is
important that we work together to tackle those barriers and to
empower women to harness their entrepreneurial skills so that
their potential can be realised.”
Akmal Hanuk, founder and CEO of Assadaqaat Community Finance
(ACF) added: “ACF is delighted to working collaboratively with
Welsh Government to encourage entrepreneurship within BAME
communities, with a focus on Women and young people in Wales.”
Support is also available from Big Ideas Wales, Welsh Government
Enterprise Hubs or Social Business Wales.
The Business Wales Barriers Fund will be open for applications
between December 1st, 2020 and March 19th, 2021, or whenever the
fund is fully committed. This discretionary fund will offer up to
£2,000 to support essential business costs to successful
applicants.
For more information on the fund and the full eligibility
criteria, please visit:
https://businesswales.gov.wales/business-wales-barriers-grant
