The Business Wales Barriers Fund has been set up to enable unemployed or economically inactive individuals to start a business in Wales. This support is specifically intended to help those most economically affected by the coronavirus (COVID-19) outbreak.
Discretionary grants will be offered to help up to 600 individuals become self-employed or start a business between December 2020 and March 2021.
Applicants will be able to apply for up to £2,000 to contribute towards the essential costs of starting a business. Applications will need to be supported by a business plan outlining the business proposal and costs associated with getting established.
All unemployed individuals in Wales may apply, however, priority in allocating funding will be given to those most affected by the pandemic, namely:
- Disabled people.
- People from BAME backgrounds.
- Young people not in education or training (NEETs) aged 18-24 or a College and University leaver in 2019 or 2020.
The grant is for revenue expenditure only, eg consultancy fees, professional advice, training and operating costs.
Applications will be accepted from 1 December 2020 until 19 March 2021. However, if funds are used up before this date the scheme will close early.
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news and policy. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.