A new pilot scheme which aims to increase the number of Welsh start-ups accessing the funding and support they need to grow has been launched by Economy Minister Edwina Hart.
Businesses up to two years old that do not meet the requirements for traditional loans and other funding at this stage will now be referred to Business Wales for additional support and advice to improve their chances of securing the funding they need.
Business Wales provides a range of business support services and works with individuals and businesses to provide them with tailored support.
The pilot scheme, which will initially run for 12 months, has come about as a result of a recommendation from the Access to Finance Review and has been developed by Business Wales, NatWest and Finance Wales.
A new, secure online portal has been introduced to manage the referrals process.
Economy Minister Edwina Hart said: “This pilot scheme takes forward a key recommendation of the Access to Finance Review Professor Dylan Jones Evans conducted for the Welsh Government last year. I’m pleased that Business Wales, NatWest and Finance Wales have joined forces to come up with the scheme and put in place a streamlined process to manage referrals.”