UK Steel Enterprise is marking four decades of supporting steel communities with a special quest.

The Tata Steel subsidiary is looking for the young Welsh entrepreneurs of the future with the energy and ideas to create wealth and jobs in the next 40 years in steel areas.

“The transformation of many parts of Wales has been dramatic since the heavy industries closed,” said UK Steel Enterprise manager in Wales Andy Morris.

“Now we are looking ahead to help foster the next generation who will complete that change to the business and industrial landscape in Wales.”

As well as the ongoing substantial support available to new and growing businesses in Wales, UKSE has launched a special £40,000 challenge aimed at people 18 or younger with imaginative business ideas. They are being invited to bid for shares of the fund from £500 to £10,000 to take their projects forward.

“This is a very exciting concept which we hope will encourage young people to put their ideas forward with confidence,” said Mr Morris. “We are sure there are many out there who simply need a little help to get going.”

UKSE is justifiably proud of its record in helping businesses in the last 40 years, both across the UK and in Wales.

Earlier this year the milestone of helping to create 75,000 jobs in Britain was passed, including just under 25,000 here in Wales. In that time UKSE has invested £23,242,00 in 1,383 Welsh businesses

Nationally, 6,327 companies have now benefited from UK Steel Enterprise support with £80m of true risk capital made available. A further £33,000,000 has been invested in workspace and £10,000,000 allocated to support community projects.

UKSE investments can be in the form of debt or equity, with first-round funding of up to £750,000. Statistics show that companies backed with an equity stake in particular have dramatically boosted performance. On average, they increased turnover threefold, added 41.8 per cent in staff and increased annual profits by £185,000 over the life of the investment.

“This is quite remarkable and shows why we are keen to get the message across that equity investment can be a game-changer in modern business,” added Mr Morris.

To enter the competition, which is open to young people through their school or recognised youth organisation, email HO@uksteelenterprise.co.uk with the name of your organisation, contact details and a description of the project (up to 1,000 words).