Shadow Finance Minister and North Wales MS Mark Isherwood has today questioned the Welsh Government over support for “brave, budding entrepreneurs”.

Questioning the Finance Minister in the Welsh Parliament, Mr Isherwood said unless funding is made available to these self-starting business people, they will be trapped at the start line.

He said:

“Purple Shoots is a Charity which both helps people in Wales who can’t otherwise access the affordable finance they need to start a business, and works with self-reliant groups, creating opportunities for people furthest from employment or work.

“They are supporting or have supported many hundreds of small businesses right across Wales.

“However, they advised that although just £2 million of the hundreds of millions provided to the Development Bank of Wales would keep them lending for 6 years and create more than 1,500 jobs and 1,300 businesses, that funding excludes completely the client group they work with.

“What, if any, plans do you therefore have to make funds available for these brave, budding entrepreneurs otherwise trapped at the starting line, where, as Purple Shoots say, “it is so frustrating because we have seen such incredible courage, resilience and entrepreneurial thinking amongst our clients – they have kept going in the face of incredible hardship, many with no help at all apart from the repayment holiday?”

In her reply, the Minister said:

“Without knowing any more than you've described about the Purple Shoots, I would suggest that a potential avenue to look at would be the Wales flexible investment fund, which is designed to invest and generate new money, including in financial and professional services investment.” 

Mr Isherwood added: “In reality, Purple Shoots has been in dialogue with the Welsh Government for years, seeking the support it needs to uncover, empower and enable Wales’ hidden entrepreneurs, to change things for people who are disadvantaged by circumstances, health or disability and are otherwise left behind by the economy.”