700 entrepreneurs in Wales received £4.5m in Start Up Loans in 2014
More than 700 entrepreneurs in Wales have received almost £4.5m worth of Start Up Loans, with 89 being in Cardiff and receiving £616,959 between them. The loans are intended to help to get new, innovative companies off the ground and provide the entrepreneur with the expertise to ensure their companies are successful.
According to figures published this week, the number of people receiving Start Up Loans in Wales increased by 30% over the past 12 months.
The Start Up Loans Company provides entrepreneurs across the UK with support in the form of repayable loans and a business mentor.
The loans are intended to help to get new, innovative companies off the ground and provide the entrepreneur with the expertise to ensure their companies are successful.
Secretary of State for Wales Stephen Crabb said: “This is fantastic news for the Welsh economy. Across the length and breadth of Wales, we are helping young people turn ambition and innovation into thriving businesses.
“Since 2010, we have seen 26,000 new businesses Wales. Schemes such as Start Up Loans provide budding entrepreneurs across Wales with the tools they need to turn their ideas into living, breathing businesses.
“Our long-term economic plan is all about supporting small businesses, backing aspiration and encouraging more young people to follow their dreams. I am thrilled to see this happening all across Wales and hope more young people apply to the scheme and get the chance to start their own businesses.”
Across the UK the amount of money lent to new firms under the Start-up Loans scheme has reached almost £130m.
The Business Department said 25,000 loans had now been made, creating 32,000 jobs since the scheme was launched in 2012.