Business grants to hopefully improve employment rate in Wales
Business grants for small- and medium-sized businesses available
Business grants†for small- and medium-sized businesses are now available in Wales. The provided grants are in direct response to the 9.3% unemployment rate currently present in Wales. By providing short-term as well as long-term-funding, the government hopes to create more jobs in Wales.
£55 million in Business grants available
£40 million will go towards small- and medium-sized businesses. The aim hereby is to be able to provide funding for more businesses and for the first time, also companies that sell directly to the public are eligible. Of the £40 million provided, half of it is coming from private financial institutions which are not disclosed by the Welsh government. Edwina Hart, enterprise minister, also announced that £15 million would go towards short-term funding for businesses that are actively trying to create as well as to retain jobs.
Unemployment rate on highest point since 1992
The business grants provided by the government are supposed to help lowering the unemployment rate of 9.3%. Even though the number of people seeking unemployment benefits fell by 300 in October, it is still 16.2% higher than the year before. In the group of the 16-24-year-olds, 22.4 per cent are currently looking for work. The last time, the unemployment rate was that high, was in 1992 when records began. By providing the business grants, the government expects to create 5,000 jobs. Businesses in Wales are encouraged to apply between December 12th†and January 31st†to be eligible to receive their part of the available business grants.