Labour AM for the Vale of Clwyd, Ann Jones, has welcomed the creation of nearly 300 new businesses thanks to the Welsh Government’s Start Up Loans – which provide low interest finance for entrepreneurs.
Ms Jones said: “We continue to see the Welsh economy outperforming the rest of the UK in many ways and this is largely down to the hands-on approach being taken by the Welsh Labour Government.
“Innovation and job creation is vital to grow the Welsh economy and it is fantastic to see that entrepreneurs right across Wales have access to much needed finance in order to grow their businesses”.
In just ten months, £2.2m has been drawn down by 291 new businesses across Wales – helping to create brand new businesses and supporting recently created enterprises. The loans, which were launched in Wales in October 2013, are available as part of the Welsh Labour Government’s Business Wales Start up Service. The availability of low interest rate loans for starts ups was one of the recommendations of the Welsh Government’s Access to Finance Review led by Professor Dylan Jones- Evans.
The loans are to be paid back within five years at a fixed rate of interest currently set at 6%. The maximum loan amount is £25,000, with the average in Wales standing at £7,658. Applications must be supported by robust business cases and further information and support can be obtained from Business Wales on 03000 6 03000.