First Minister Mark Drakeford said the announcement will “help to support new businesses in Wales which are currently falling through the gaps of existing financial assistance schemes.”
Mr Drakeford added: “A number of people who have started a business in the last year don’t qualify for support from the UK Government’s SEISS and it remains unclear if it will take steps to ensure they will change the criteria to help this group of people.
“This is why we have acted and set up a start-up grant. This has come from our work with Welsh Local Government Association and local authorities to look at what more support the business community needs at this time.”
Economy Minister Ken Skates said the grant would “reduce the risk of firms having to close and people becoming unemployed.”
Meanwhile, the second phase of Welsh Government’s Economic Resilience Fund has also opened to applications.
Mr Skates said there would be “more opportunities for microbusinesses, SMEs and large businesses to apply for funding” as part of the second phase.
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