Welsh Government Announces £5m to Help Young People Start Businesses

Grants are available to support young people in Wales to become self-employed.

The Welsh Government has announced plans to support 1,200 young people to start their own business as part of plans to foster a new culture of entrepreneurship among the younger generation in Wales.

A total of £5 million will be spent over the next three years to deliver on the self-employment aspect of the Young Person’s Guarantee, which will provide everyone under 25 in Wales with the offer of work, education, training, or self-employment.

The stated aim of the initiative is to make Wales a place where more young people feel confident in planning their future.

The £5 million of funding will provide specialist support via:

  • A new Young Person’s Start Up Grant of up to £2,000 per business. This will support young people that are unemployed, left education, or training in the early stage of business to become self-employed.
  • Pre and post start-up support for one year, designed to help individuals overcome any barriers to starting a business, including one-to-one business advisory support, entrepreneur mentoring, business planning and financial management.

Economy Minister Vaughan Gething said:

‘Encouraging young adults to stay in Wales by building their careers and launching their own businesses here will be instrumental as we re-design our economy post-coronavirus.

‘We see this as the start of a new era, which is why we are taking bold action to build a vibrant economy that provides opportunities for all as we sustainability invest in the industries and services of the future.’

(This report was the subject of a GRANTfinder Newsflash.)