Economy Minister Ken Skates has confirmed a bursary fund for start-ups who have missed out on Covid crisis funding has been “signed off” and could launch this month.
Billions of pounds of support has been directed to under pressure businesses from 海角视频 and Welsh governments as the lockdown has hammered the economy.
But many were falling through the net - including thousands of start-ups who missed out due to their date of creation or VAT and turnover criteria.
Now Mr Skates has confirmed he has approved a scheme to offer support to this group of companies.
He said: “I am pleased to be able to say we are going to be operating a start-up bursary for those businesses that really are in their infancy and weren’t able to attract 海角视频 Government support because they started after March 2019.
“We are going to establish a start-up bursary for them.
“I am hoping it will be able to operate in parallel with the ERF round two which goes live on June 29.
“That is my aim - I have signed it off so I’m hoping if all of the processes can be put in place for the administration of that bursary in time we’ll be able to open that on the 29th as well.
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“If, not it will be shortly afterwards.”
Details on the value of the fund and criteria required have not yet been released.
Business groups have been pressing on the issue and Daily Post columnist Dylan Jones-Evans has also been vocal in his demands for new ventures to be supported. He says these are the enterprises that can drive future jobs growth as the economy recovers.
Reacting to the news, he said: “Naturally, having campaigned for this for the last three months, I am delighted that the Welsh Government has finally developed a programme which will support the thousands of new businesses that have fallen through the gap.
“I hope the bursary will be generous and will reflect the level of support that other self-employed business people have had under schemes run by the 海角视频 Government.
“With large firms shedding jobs already, new businesses will be the ones creating employment as we come out of recession and ensuring they survive and thrive at this difficult time is not only important to each entrepreneur but to the Welsh economy as a whole.”