The government has shown its support for businesses in Wales by committing a significant £26.2 million to entrepreneurs and start-ups in the country.
British Business Bank’s Start-Up Loans initiative was set up in 2012, and since then, it has apportioned more than five per cent of its total £500 million investment to companies in Wales.
The rest has gone to small businesses in other areas of the UK spread across 63,920 loans, Business News Wales reported.
Typical loans amounted to £9,021, and 2,904 business loans have gone to start-ups in Wales alone.
Chief commercial officer of the British Business Bank Patrick Magee said: “The hard work and determination of the UK’s 5.7 million small businesses make a huge contribution to society.”
The Start-Up Loans programme was established to provide finance for growing businesses, as well as offer mentoring to entrepreneurs who might need some guidance to enable their enterprise to grow.
Kelly Tolhurst, small business minister, added: “Small businesses are the backbone of our economy.”
She went on to say: “This record funding is backing the UK’s entrepreneurial spirit and enabling people across the country to follow their passions and start and grow a business.”
The initiative could help a lot of university graduates in the future, after a BBC News article recently revealed there is a much higher start-up rate of students from Welsh universities than anywhere else in Britain.
These higher-education establishments produce more than ten per cent of the UK’s graduate entrepreneurs, even though they only educate one in 20 of Britain’s school leavers.
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