Monthly figures released by the Welsh Government have shown EU-backed Jobs Growth Wales has now helped young people to start up 345 new businesses – an increase of 28 businesses since last month.
Meanwhile the success rate for the programme’s largest strand, the private sector strand, continues to rise. According to latest figures, 82.4% of young people have now progressed into sustained employment, including an apprenticeship, or further learning upon completing a six month opportunity.
This compares to an initial target of 70%.
Overall figures for the programme show that Jobs Growth Wales has now created over 15,000 job opportunities, with nearly 12,000 young people filling these jobs. Over 630 jobs have been created in just the past month.
The figures also show that Jobs Growth Wales is on course to meet its yearly target of filling 4,000 job opportunities by September – three months earlier than expected.
Welcoming the latest figures, the Deputy Minister for Skills and Technology, Ken Skates said:
“Jobs Growth Wales continues to play an instrumental part in developing a culture of entrepreneurship in Wales.
“By offering this bursary, we’re providing our young people with both the funding and support to get their business off the ground.
“It’s a winning formula and as these figures show, we’ve had a fantastic response – especially considering our target for new businesses this year was initially 200.
“With success rates for the private sector continuing to rise, Jobs Growth Wales is performing better than ever.
“Next month we’ll have smashed through our target of filling 4,000 opportunities this year and that is testament to the regard in which this programme is held by both young people and employers across Wales.”
Developed to support start-up ideas from young people, the £6,000 bursary is paid over four months and is intended for businesses that have not yet started trading.
Jobs Growth Wales is part funded by the European Social Fund.
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