Sarah Murphy, Welsh Labour’s Member of the Senedd for Bridgend and Porthcawl, has welcomed the Welsh Labour Government’s commitment to support 1,200 young people to start their own business as part of plans to foster a new culture of entrepreneurship among young people in Wales.
£5 million of funding will be invested over the next three years to deliver on the self-employment aspect of the ambitious Young Person’s Guarantee – one of Welsh Labour’s key pledges at the Senedd election in 2021.
Specialist support will be provided via:
- A new Young Person’s Start Up Grant of up to £2,000 per business. This will support 1,200 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.
Sarah Murphy, Welsh Labour’s Member of the Senedd for Bridgend and Porthcawl, said:
“I’m determined that there will be no lost generation as a result of the Coronavirus pandemic, so I’m really pleased that the Welsh Labour Government is investing £5m to deliver the self-employment aspect of our ambitious Young Person’s Guarantee – a key Welsh Labour pledge at last year’s Senedd election.
“Encouraging young adults to stay in Wales by building their careers and launching their own businesses here will be instrumental to making young people feel confident in planning their future.
“Our young people hold the key to Wales’ future success. Their talents, skills and creativity are essential to ensuring our economic success. I welcome the Welsh Labour Government’s determination to do all they can to help deliver the long-term economic benefits our young people deserve for them all to fulfil their potential.”
The Welsh Labour Government’s Young Person’s Guarantee will provide everyone under 25 in Bridgend, and across Wales, with the offer of work, education, training, or self-employment.
The £5 million fund will build on the success of Big Ideas Wales, run by the Welsh Government’s Business Wales service, which provides learning through workshops led by entrepreneurs and a network of Champions to aide transition from Further and Higher Education into the world of work.
The investment is included in the £20.9m a year commitment to extend the hugely successful Business Wales service beyond the end of EU funding in 2023.