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More than £5m invested to support business in Wales

Credit: ITV Cymru Wales

Economy Secretary Ken Skates has announced more than £5m for new activity to encourage and support entrepreneurship in Wales.

The Welsh Government will invest over £4m and work with academia, industry and local partners to support the establishment of four new Business Hubs.

The new hubs will be based in North West Wales, Mid Wales, the South West Valleys and the South East Valleys.

The establishment of the new hubs follows work already underway to develop the Wrexham Business Hub.

Wrexham business hub to create 100 enterprises with £1m from Welsh Government

260
new jobs are expected to be created over the next two years in the Wrexham Business Hub.

The five hubs will aim to create at least 700 new enterprises.

1,160
jobs could be created by the five hubs.

In addition to the funding for the hubs, the Economy Secretary has also announced £1m for community entrepreneurship projects which will specifically target people living in less advantaged communities around Wales.

The Welsh Government says these projects will enable workers to explore how being self employed can benefit and affect their lives and will help them to generate and develop workable business ideas, overcome barriers and develop transferable skills.

We know that supporting and encouraging entrepreneurship across Wales is absolutely crucial if we are to succeed in growing Wales’ economy.

I am also pleased to announce around £1m for community entrepreneurship projects. This funding will be used assist and develop budding entrepreneurs who might need a bit more help in clarifying and developing their self employment plans.

– Ken Skates, Economy Secretary