Third sector businesses in South East Wales are set to gain greater help and recognition thanks to an additional £1 million in funding, Wales’ Social Justice Minister Carl Sargeant has announced.
The Welsh Assembly Government backed Social Enterprise Support Project aims to stimulate social enterprises by raising awareness of how they work and recognising their contribution to social and economic regeneration.
A total of 45 social enterprises in Cardiff, Newport, the Vale of Glamorgan and Monmouthshire will receive greater support including advice on marketing, finance, legal issues, business planning and staff development.
The project complements the existing business support provision already operating in the Convergence Area of West Wales and the Valleys and will create 15 new social enterprises and 9 new jobs.
Carl Sargeant said,
“The Social Enterprise business model is becoming more and more important to the economy, both socially and ethically. Although social enterprises need to make a profit, just as any traditional business, their profits are often re-invested into the business and used to benefit the local community and their staff rather than to line the pockets of shareholders.
“Social enterprises play a crucial role in the Welsh economy, especially in some of Wales’ more deprived areas where employment opportunities, training or services are limited. We must ensure that they have the support they need to develop and grow.”
Carl Sargeant has also announced his support for the Business Succession and Co-operative Consortia Project, which has received £100,000 from the Welsh Assembly Government. The project helps multiple businesses work together to create a stronger business base, so that they can bid for bigger contracts than they would be able to individually.
The project also provides support and advice to employees to buy into and manage their place of work, if it is facing the threat of closure.
To celebrate Social Enterprise Day the Minister will visit Grow Enterprise Wales in Pontypridd on Thursday. Grow is owned by a local housing association and offers employment and training opportunities for people who find it difficult to access the job Market.
The Minister added
“I am delighted to support Wales’ social enterprises through these two projects, especially during Global Entrepreneurship Week. I hope the projects will encourage aspiring entrepreneurs across the country to consider setting up similar enterprises to benefit their local community.”
