ECONOMY MINISTER, Ken Skates is calling on the business community to support a new initiative aimed at increasing the number of women entrepreneurs in Wales and providing them with the best possible support.
The Welsh Government’s new Supporting Entrepreneurial Women programme was informed by the work of a panel of experts, convened in 2017 to consider how best to encourage, develop and support female entrepreneurship in Wales.
The panel, chaired by Helen Walbey, considered an array of academic evidence and literature on women in entrepreneurship, spoke to a range of businesswomen, representative groups and partner bodies, and aligned its work with the principles of the Massachusetts Institute of Technology’s Regional Entrepreneurship Acceleration Programme which is championed by Be the Spark in Wales.
The result is a new Framework for Supporting Entrepreneurial Women in Wales and a Good Practice Guide to inform how the Welsh Government and business community works to drive the number of women entrepreneurs in Wales.
The Welsh Government have also responded by publishing the Business Wales Action Plan which identifies 10 specific ways in which the Welsh Government and business community can improve. From providing more gender focussed business support and confidence building, increasing the number of female business advisors and mentors in Wales and promoting the career successes of prominent female entrepreneurs including through business awards, the action plan aims to create the right environment in which female entrepreneurs can prosper.
There is also renewed focus on engagement with women entrepreneurs to understand the barriers they face, improved availability of finance options with no restrictions that unfairly affect women, and a Good Practice Guide that encourages business support organisations to adopt ways of working that support female Entrepreneurship.
The Economy Minister launched the Framework, Good Practice Guide and the Action Plan at a celebratory event in Capital Law. This will be followed by regional events, jointly organised by the Welsh Government and Lloyds Bank, to ensure that business groups right across Wales are aware of the new resources and their role in supporting female entrepreneurship.
The Economy Minister said: “The underrepresentation of women both as business owners and at a senior executive level is well evidenced and there is no doubt the gender gap is hindering women from achieving their full economic and personal potential.
“Our Economic Action Plan focuses on creating the right environment to enable entrepreneurs to prosper and grow and obviously this must apply to women, just as much as men.
“The work undertaken by the panel of experts recognised the progress that we as the Welsh Government and business representative groups have made in recent years in supporting female entrepreneurship – but the message is clear. We must do more, and with Brexit presenting challenges of an unprecedented scale, now more than ever we need our best talent around the table.
“I call on the business community and financial institutions to work with us to adopt a more gender focussed approach to their work. I hope they will use our new Framework and Good Practice Guide to ensure they play their part in building an environment where women entrepreneurs are encouraged and properly supported to reach their full potential.“
Jane Hutt, Deputy Minister and Chief Whip said: “All women should be given equal opportunities and representation at the most senior level. Helping to understand and remove barriers that women face in entrepreneurial opportunities will support the potential growth of women in business. Through this support, we hope women will be more fairly represented and can flourish in the business sector.
“Although, there is still so much more we can do to achieve better gender equality, this initiative will help women to achieve their full potential and to move away from the underrepresentation of women at senior roles.”
Nick Ramsay MS: Freeze welcome but doesn’t go far enough
BUSINESS rates in Wales will not be subject to an inflationary increase in 2021-22 Finance Minister Rebecca Evans has confirmed today.
Freezing the multiplier next year will help support around 54,000 ratepayers across Wales, who are not already receiving 100% rates relief. This takes the total amount of savings businesses have received on their rates bills to more than £90 million from 2018 to 2019.
Earlier this year the Welsh Government also announced a rates relief package worth £580 million to provide businesses with the support they needed to survive the pandemic.
Finance Minister Rebecca Evans said: “We recognise the pressures that businesses are facing and we are continuing to explore the support measures we can put in place to help businesses cope with the economic impact of the coronavirus pandemic and the end of the EU transition period.
“The announcement I have made today provides businesses with the reassurance that they will not see an increase in their business rates liabilities next year.”
The Conservatives’ Shadow Minister for Finance – reacted to the announcement.Nick Ramsay MS said: “The continuing health emergency produced by the Covid pandemic remains grave, yet the economic emergency we’re going through is still bringing about a different, but equally devastating effect.
“The announcement is, therefore, welcome but doesn’t go far enough.
“Welsh Conservatives outlined earlier this year our vision of how to rebuild the economy, which will require the next Welsh Government to utilise tax powers in innovative ways.
“We have pledged to create ‘Business Rate-Free Zones’, where all businesses would be free from paying business rates for up to three years, and to scrap business rates for all businesses with a rateable value of under £15,000 outside of these zones.
“Sure, the business-rates freeze from the Finance Minister is a step in the right direction, but I – and undoubtedly many businesspeople – am left feeling no real sense of assurance from her announcement.”
Welsh Government releases additional £100M business support
|The latest phase of the Welsh Government’s Economic Resilience Fund has benefited from the release of a further £100million from ministers within 72 hours of launch, due to a massive demand.|
|More than 6,000 grant applications from small and medium sized businesses and social enterprises were received within 24 hours of the launch on Friday – an unprecedented response, revealing the scale of the challenges facing Welsh businesses.|
The Fund aims to complement and fill the gaps left by UK Government schemes such as the Job Retention Scheme, with grants of up to £10,000 for micro-enterprises and up to £100,000 for SMEs and a light touch appraisal system designed to get money to businesses with the minimum of delay – as well as a new loan fund administered by the Development Bank of Wales.
Less than three weeks since the First Minister announced the intention to create the Fund, the Welsh Government has released a further £100 million, taking the grant fund to £300 million. This will supplement this latest phase of support, providing non-repayable grants to microbusinesses, SMEs and those large businesses of critical, social or economic importance to Wales.The Fund has been warmly received by trade union and business organisations, with the Institute of Directors calling it ‘very welcome news for business owners and managers who are desperate for all the help they can get at this difficult time’. The South and Mid Wales Chambers of Commerce has called ‘the rapid response to date’ of the Welsh Government in supporting the economy of Wales ‘impressive’. The Wales TUC welcomed ‘additional funding to address the gaps’.Minister for Economy, Transport and North Wales Ken Skates said: “We knew that even with the help offered by initiative such as the Job Retention Scheme, there was a massive need for quick access to grant funding if Welsh businesses were to survive this unprecedented economic shock. Whilst in order to make the scheme quick and simple we needed to take tough decisions over eligibility – like requiring businesses to be registered for VAT as a way of having to check on their trading history – it is clear from the level of response received that the Economic Resilience Fund is plugging a gap in UK Government support and providing much needed financial reassurance to many businesses at this challenging time. We will continue to review support and consider how we can develop it over the coming days.“The rate of applications has been massive and unprecedented. This is the second time in a matter of weeks that access to Welsh Government funds aimed at easing cash flow pressures for Welsh business have quickly reached capacity, and we have responded with pace to release a further £100m into this phase of the fund.“In these difficult and demanding economic times we have worked hard to free up resources to create such a large Fund despite the huge demands on our budget, and to strike a balance between supporting as many enterprises as possible and making a meaningful contribution to each one’s survival, as well as asking each recipient to sign up to the principles of the economic contract.“Though we applaud much of what the UK Government has done, there is an urgent need to see more of the promised lending guaranteed by the UK Government getting to the front line. The UK Government must continue to support and press the high street banks to be much more responsive to the needs of our businesses at this difficult time.”
Finance Minister Rebecca Evans said: “The Economic Resilience Fund is part of more than £2bn of support that we have made available to help businesses and charities during these incredibly difficult times.“We know that support for business is crucially important but whilst we are doing everything we can in Wales to plug any gaps and provide the best possible financial support to businesses, it is clear there are further steps that the UK Government needs to urgently take.”The Economic Resilience offers financial support to help businesses, charities and social enterprises deal with the coronavirus crisis and will be vital in helping organisations manage cash flow pressures. It is a unique additional funding stream for Wales and was designed to address gaps not currently met by schemes already announced by the UK Government, Welsh Government and Development Bank of Wales.The first stage of the Fund saw the £100 million Development Bank of Wales’ loan scheme fully subscribed in little more than a week. Applications are currently being processed and some businesses have already received funding. It is anticipated that the Development Bank will have processed all applications received within the month.To ensure that money reaches businesses as quickly as possible more than 120 additional Welsh Government and Business Wales staff have been diverted onto processing applications and supporting businesses and organisations in this latest stage of the Fund.
|Contact InformationRobert Owen0300 0252 058Robert.Owen009@gov.wales|
|Notes to editorsIn response to this news:|
Robert Lloyd Griffiths, Director of IOD Wales said: “Today’s announcement by Welsh Government will come as very welcome news for business owners and managers who are desperate for all the help that they can get at this difficult time. It is particularly pleasing that it follows the announcement last week by UK Government that the furlough scheme has been extended as called for by the IoD.”
Heather Myers, CEO, South and Mid Wales Chambers of Commerce said: “The Welsh Government has made significant efforts to support the business and industry of Wales, creating packages of funding that will help get much needed cash into very many businesses.
“We have been in regular contact, explaining the issues that businesses face and the areas of distress where they need urgent help. The Economic Resilience Fund, The Small Business Rates Relief and the range of support from the Development Bank of Wales shows that Welsh Government Ministers have been listening.
“Whilst there are still gaps in funding, which we will continue to identify, the rapid response to date to support the economy of Wales has been impressive.”
Ian Price, CBI Wales Director said: “The CBI welcomes today’s allocation of a further release of £100m from the £500m Economic Resilience Fund, announced by the Welsh Government on the 30th of March. Welsh firms of all sizes and all parts of our nation are facing unprecedented challenge as they respond to the social, economic and health impacts of the coronavirus. Similar to the support provided by the UK Job Retention Scheme, Welsh businesses will be keen to receive these funds in their bank accounts so they can continue to support their staff, secure their business and plan for the post-Covid economy.”
Shavanah Taj, General Secretary of Wales TUC said: “Despite the UK Government’s relief package, we know that some employers are still unable to readily access the funding they need to survive this deepening crisis.
“We welcome this additional funding to address the gaps, as well as Welsh Government’s ongoing commitment that this will be going to employers that are delivering fair work and a safe environment for their workforce.”
Business Wales delivers vital support
MORE than 20,000 jobs have been created since April 2015 by enterprises that have received support from the Welsh Government’s flagship Business Wales service, Economy Minister Ken Skates has revealed.
Business Wales makes it easier for Welsh micro-businesses and small and medium enterprises (SMEs) as well as aspiring entrepreneurs of all ages to access the information, advice and support they require to start and grow their businesses.
In addition to helping Welsh enterprises create more than 20,000 new jobs since April 2015, the service has handled over 60,000 enquiries and advised over 30,000 individual entrepreneurs and firms across Wales. It has also helped Welsh entrepreneurs create more than 4,000 new businesses across Wales with an impressive four year survival rate of over 80 per cent.
The Welsh Government continues to proactively support entrepreneurs at each stage of the business lifecycle from raising awareness of entrepreneurship with more than 200,000 primary school pupils right across Wales through to idea generation, start-up and on to sustainable growth.
In November, the Economy Minister announced proposals to build on Business Wales’ success to ensure its high quality is maintained and developed so even more firms and entrepreneurs can benefit from the service.
This includes how the service can prepare businesses for what the economy will look like after Brexit.
Business Wales also has an increasingly important role in supporting firms to rise to the challenges set out in the Welsh Government’s Economic Action Plan of preparing for digital developments, improving productivity, increasing the incidence of fair work, decarbonising and promoting inclusive growth.
Ken Skates said: “As we enter the New Year, it’s fabulous news and a great achievement that our flagship Business Wales service has supported the creation of more than 20,000 jobs since April 2015.
“That’s 20,000 people given an opportunity to work, earn a wage, make a living and help drive a productive Welsh economy. I am delighted we, as a Welsh Government, have played our part in helping Welsh entrepreneurs and SMEs to make that happen.
“Although 92 per cent of Business Wales customers say they would recommend the service to a friend, we’re certainly not resting on our laurels and I’m already looking at ways Business Wales can directly support more firms and entrepreneurs over the coming years.
“Small and medium-sized businesses are the backbone of the Welsh economy and vital to our economic outlook and the way communities throughout Wales operate from day-to-day.
“We will continue to support our SMEs and be on hand to provide the high-quality information, advice and guidance they need to thrive.”
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