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Welsh Ministers welcomed the government-funded initiative, chaired by James Caan, which has so far helped over 8,000 UK businesses get off the ground and loaned over £42m over the last 12 months.
Business Secretary Vince Cable said:
"Last year there were a record number of start ups in the UK, supporting our efforts to make this the best place in the world to start and grow a business.
"The start up loans scheme continues to thrive, with 8,000 loans worth £45 million already advanced. This welcomed extension to Wales will provide even more opportunities for budding entrepreneurs to gain access to finance and receive professional business mentoring to help them start and run a successful enterprise."
Secretary of State for Wales, Rt. Hon David Jones said:
“Unleashing the potential that Welsh entrepreneurs and our small businesses have is critical if we want to see the economy continue on its journey from rescue to recovery.
“From Village Bakery in Wrexham to Smart Solutions Recruitment in Newport, small businesses owners across the length and breadth of Wales have been harnessing the drive and
ambition needed to expand and to create new jobs. It is clear that there is real scope to be entrepreneurial in Wales - and to succeed.
“The roll out of the Start-Up Loan scheme in Wales will provide many more of our budding entrepreneurs with the opportunity to join in this success. I would encourage them to seize the support available to strike out and to turn their ideas into the viable, successful businesses of the future.”
In order to make the most of the new opportunity, Start Up Loans will partner with five key delivery partners across Wales who have previous experience in running local enterprise schemes. Welcoming the move Welsh Government Economy Minister Edwina Hart said: ”I am pleased to
￼support the introduction of Start Up Loans to Wales as part of our overall comprehensive business support package for young start up companies.
“Encouraging entrepreneurs to start their own business is an important strand in our strategy for economic growth although we are aware that access to finance can be a real issue for young businesses. The availability of relatively low levels of funding at a fixed interest rate addresses this and has the potential to make a real difference in getting a business up and running.
The expansion into Wales, and removal of the age cap are very positive moves for Start Up Loans, which recently celebrated its one-year anniversary and was awarded an extra £34m in funding.
The company provides crucial support, to all entrepreneurs of any age, in the form of a repayable loan together with a business mentor.
Start Up Loans CEO, Tim Sawyer, said: ‘I am delighted to announce the partnership with our colleagues in Wales. We are very much looking forward to forming strong relationships with both partners and entrepreneurs alike. And I am equally pleased to see the scheme extend to all ages . Now we are able to help any enterprising individual with a strong business idea, and the determination to see it through”.
Date: 15th October 2013
We are a government funded organisation that provides loans and mentors for entrepreneurs across England, Wales and NI. We are starting 40 businesses every day and are set to kick start 60,000 businesses by 2016. We attract all business types, from plumbers to apps, fashion labels to cookies. You name it we've funded it! We are particularly focused on helping olderpreneurs come forward to access the finance along with returning mothers.
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