Entrepreneurs are set to benefit from low interest rate loans as part of the Welsh Government’s Business Start Up service.
The loans, made through a UK Government-backed scheme, will be delivered through the Business Start Up service that operates across Wales and applications must be supported by robust business cases.
The minimum loan is £1,000 with the average loan around £4,500. The loans are paid back within five years at a fixed rate of 6% interest.
The availability of low interest rate loans for start ups was one of the recommendations of the Access to Finance Review led by Professor Dylan Jones-Evans.
Welcoming the move 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.”
Visit www.business.wales.gov.uk for more information.
Again the Welsh assembly have been greedy and plan to profit from start up businesses. The interest rate should equal the inflation rate.