MOD continues to support the Armed Forces Covenant by making surplus estate available to small business and social enterprises.
Disused military engineering workshops in Aldershot, Hampshire are being made into ‘makerspaces’ – part of the Government’s Space for Growth programme - to support start-up businesses by veterans and their families.
The scheme is being pioneered by X-Forces and Solv Ltd, both signatories of the Armed Forces Covenant, who are working in partnership to provide veterans with the support they need – from creating a product through to launching their own business
X-Forces have already helped launch over 300 small firms as well as delivering over £3.2m of Start Up Loan funding. Figures show that businesses set up with the help of X-Forces by veterans have a default rate two thirds lower than the average for start up businesses.
Lord Astor of Hever, Parliamentary Under Secretary of State, said:
As part of this Government’s ongoing commitment to the Armed Forces Covenant, I am delighted that surplus estate will be put to good use by helping small businesses and social enterprises.
Former personnel will be able to incubate their innovation, receive advice from experts, protype their ideas and put them into production. We want to make sure veterans and their families are supported properly, and this initiative will provide a well-deserved boost.
The makerspace will contain the facilities, equipment and expertise to enable people to prototype business ideas and to test products before taking them to market. X-Forces will provide advice, support and mentoring to help them develop a successful business model and apply for a Government Start Up Loan.
RAF Veteran Jamie Stumpe received support from X-Forces when setting up his business. He said:
It is always a massive leap going out on your own and starting your own business, you have loads of questions and uncertainties but with X-Forces help and support I was able to produce a solid business plan and cash forecast to help get my business from just an idea on paper to an operating business.