Thank you. As the Minister will be aware, small-scale social enterprises are a business model that struggles to take hold in the marketplace, with funding being by far the biggest challenge it faces, particularly start-up capital. Since most social entrepreneurs are individuals, the predominance of funding comes from their savings rather than traditional forms of financing, such as bank loans.

Despite the fact that some people are willing to pay more for goods and services that come from a social enterprise, many consumers—particularly those who are among the poorest in society—are price sensitive, and will look to purchase at the most competitive price. The problem that this creates for social enterprises is that it limits their ability to expand, as their business model is not always profitable enough to access the necessary funds.

In Valleys communities, we have a juxtaposition, in that these are the communities most likely to benefit from social enterprises, yet they are the least likely to be able to afford to pay more for goods and services. With this in mind, Minister, what assessment has the Government made of the long-term financial support that is needed for social enterprises in Wales in order for them to expand from being small and medium enterprises? Thank you.