Start-ups in Wales benefit from over £15m of loans
An organic hairdresser in Cardiff, a cheese shop in Denbighshire and an outdoor activities company in Glynneath are just 3 of nearly 2,000 Welsh start ups that have benefited from over £15.5m of Welsh Government-backed loans aimed at getting new businesses off the ground.
Latest figures from the UK-wide Start Up Loans Company (SULCO) show that since the fund was established in Wales in October 2013, it has provided support and loans to 1943 new and early stage Welsh businesses, with an average lending amount of around £8000 per company.
The figures mean that over the last 4 years an average of 2 new Welsh businesses a day have benefitted from funding from the Start Up Loan Company.
Speaking about the latest figures, Economy Secretary, Ken Skates said:
“The Welsh Government is committed to encouraging entrepreneurship and start-ups across Wales. However we recognise that the one thing holding most entrepreneurs back is their difficulty in accessing affordable finance and the right mentoring support.
“We are proud to support the UK Wide Start Up Loans Company which is partly delivered by the Welsh Government Business Wales service.
“Since its inception in 2012 the Start Up Loans Company fund has supported nearly 2000 start ups in Wales and it is really heartening to see the ongoing success of companies such as organic hair treatment specialists, Goji Hair in Cardiff, outdoor activity company, Waterfall Ways in Glynneath and Bite Wales – the Little Cheese Shop in Denbighshire.
“Their stories show just what can be achieved when drive, ambition and flair are coupled with the right finance and support.”
Joanna Hill, Interim CEO at The Start Up Loans Company, said:
“Start-ups play an instrumental role in driving the growth of the economy, and it’s great to see such a demand for funding in Wales. The businesses we have helped launch span a range of sectors, and demonstrate the flair and diversity of the start-up community in Wales.
“We have helped fund over 2,000 start-ups in Wales since the scheme’s inception and it has been rewarding watching them grow to become successful, profitable businesses. Working in partnership with the Business Wales service we anticipate this momentum to continue, and we look forward to seeing more businesses start-up and thrive across the country.”
Latest News from
Welsh Government unveils package of support to keep people in their homes and end homelessness11/08/2020 16:05:00
Minister for Housing and Local Government, Julie James has confirmed up to £50 million to support projects across Wales, providing people with safe and secure homes to make sure they do not fall into homelessness and no-one is forced back onto the streets.
Learner transport review extended to consider free travel limits for pupils11/08/2020 14:05:00
A Welsh Government review of learner transport has been extended to consider the distances when children aged 4-16 become eligible to receive free travel to school.
Communication to HEFCW on higher education admissions constraint11/08/2020 11:05:00
Letter from the Minister for Education, Kirsty Williams.
CMO advice on review of lockdown arrangements: 7 August 202011/08/2020 09:05:00
Advice presented to First Minister on review of lockdown arrangements.
£2.3m funding announced for adoption services – as enquiries in Wales rise by a third during lockdown10/08/2020 09:05:00
Initial figures from the National Adoption Service indicate a 36% increase in adoption enquiries during April – June 2020 in comparison to the same period last year.
Enjoy Wales safely07/08/2020 14:05:00
As we approach the first weekend since indoor hospitality is open and with good weather forecast the Deputy Minister for Culture, Sport and Tourism Dafydd Elis Thomas is reminding residents and visitors alike to enjoy what Wales has to offer safely.
Gyms and swimming pools to reopen07/08/2020 11:20:00
Swimming pools, indoor fitness studios, gyms and leisure centres will be able to re-open from Monday, First Minister Mark Drakeford confirmed today (Friday 7 August).
“We have to take action now” – Minister launches Welsh Government’s Clean Air Plan for Wales to improve air quality06/08/2020 16:05:00
The Welsh Government has today (Thursday, August 6) outlined the measures it will take to improve the country’s air quality under its Clean Air Plan for Wales: Healthy Air, Healthy Wales.
First Minister of Wales Mark Drakeford and Secretary of State Simon Hart chair Coal Tips Summit06/08/2020 11:05:00
First Minister of Wales Mark Drakeford and Secretary of State Simon Hart, recently (04 August 2020) convened the second Coal Tips Summit since the Tylorstown landslip during the February floods this year.