Support from the Welsh Government’s business support arm, Business Wales, boosted the Welsh economy by around £790m a year by mid 2021, a new report from Cardiff Business School has found.
Released by Economy Minister Vaughan Gething, the research revealed that more than 25,000 jobs have been created since 2015 as a result of Business Wales.
The Government service has also helped businesses generate a total of £469m in investment over the same period, resulting in a combined turnover level of more than £13bn.
In the report, Cardiff Business School analysed the performance of the Business Wales service, examining the impact of two specific strands of support.
The Business Wales Core and Growth programme, which supports both start-ups and established firms looking to grow, and the Accelerated Growth Programme (AGP), a targeted service which helps businesses grow turnover, create jobs and export rapidly.
The report found that additional employment and activity generated by the Core and Growth programme contributed an estimated £380m in Gross Value Added (GVA) to the Welsh economy per year by mid 2021, with the AGP adding a further £410m GVA per year.
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Mr Gething said: “Business Wales is a first class service providing invaluable advice and guidance as part of a supportive business environment.
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“The value it’s added to the Welsh economy during the most difficult trading period in recent history is a testament to the truly incredible team of advisors that provide direct support to our businesses to help them grow and flourish, helping to create good jobs in communities across Wales.”
He added: “This Welsh Government is taking bold action to build a stronger, fairer, greener Welsh economy, and Business Wales forms a key part of our proactive approach. This includes helping businesses to create new jobs, find new export markets and invest in the sustainable industries of tomorrow, while fostering the talent and creativity of entrepreneurs to deliver more start-ups.”
Business Wales has a team of advisers offering practical information, webinars, virtual 1-2-1 advisory meetings and telephone support.
It has helped businesses like Hilltop Honey in Newtown, Powys, move from start-up to an established business.
Its latest figures showed that the service had helped more than 750 entrepreneurs to start a business or become self-employed during the Coronavirus pandemic.