Start Up Loans, part of the British Business Bank, has provided more than £50 million of funding to small businesses in Wales, equating to almost 5,000 loans, since the programme launched.
Of all local authorities in Wales, Swansea has received the highest value of loans (over £6 million), followed by Cardiff (over £5.8 million) and Newport (over £3 million).
As well as receiving the highest value of loans, Swansea received the most loans of any local authority in Wales with 587 individual loans received to date.
This month Start Up Loans has also reached significant funding milestones in the local authorities of Pembrokeshire (£2 million) and Denbighshire (£1 million).
Of the 4,876 loans distributed across Wales, 37% have gone to female business owners.
The average loan amount is reported to be highest in the Vale of Glamorgan at more than £11,500.
Examples of recent successful businesses supported include: Melin Llynon, a restored 18th century flour mill which is Wales’ last working windmill; We Make Footballers, a franchised football academy in Cardiff and Tŷ Green, an eco-hut business.
The British Business Bank Start Up Loans programme provides government backed loans of up to £25,000 per individual, up to a maximum of £100,000 per business. In addition to finance, successful applicants may receive free mentoring, access to resources and advice
Louise McCoy, Commercial Managing Director at the British Business Bank, said:
“Start Up Loans is proud to have provided £50 million worth of funding to founders across Wales since 2012.
“We hope that aspiring business owners in Wales are inspired by the stories of successful businesses that have launched with the support of a Start Up Loan and get in touch with us at the start of their own business journey.”
Services, Small Business and Exports Minister Gareth Thomas said:
“This £50 million milestone is an important one for businesses right across Wales.
“We know that access to finance has become a significant problem for many small businesses, which is why we’re committed to working with the British Business Bank to support SMEs as much as possible, wherever they are in the country.”
Top entrepreneurial local authorities in Wales:
To support smaller businesses, Start Up Loans has recently released an Essential Guide to Starting a Business, containing advice for first time business owners to help them get started.
