Ten new jobs are going to be created in Troedyrhiw when a new convenience store opens on Bridge Street in June 2022.
Local shop owners Rej Singh Sohanpal and his wife Daisy Sohanpal already run the popular Londis store and Post Office on Merthyr Road in the village. Work is now underway on their latest venture which will provide the local community with a modern convenience store and off-license selling groceries and fresh bakery products. Finance has been provided by the Development Bank of Wales with a loan from the Wales Business Fund.
Rej and Daisy said: “We have worked hard to build up our existing business on Merthyr Road and spotted the opportunity to expand our business by opening a second store that is close to the local schools and will offer the community a modern shopping experience right on their doorstep. We also hope to launch an online delivery service for local people.
“The funding from the Development Bank means that we have the finance to complete all the necessary work and bring this previously run-down shop back to life. We’re looking forward to creating more local jobs for local people and providing a much-needed service for the local community.”
The Sohanpal’s had already benefitted from the Covid-19 Wales Business Loan Scheme in 2020 so repayment terms for this latest loan have been adjusted accordingly to ensure a flexible and tailored approach.
Daniel Kinsey is a Portfolio Executive with the Development Bank of Wales. He said: “Investing in small businesses is an essential part of our commitment to supporting communities and business owners who are offering key services and creating jobs for local people. We’re helping lots of businesses who first came to us for support during the Covid pandemic who now need follow-on finance as they recover and plan for the future. The Sohanpal’s have a proven track record in retail having run the local Londis store since 2005 so it’s a pleasure to now support them as they grow their business in Troedyrhiw.”
The £204 million Wales Business Fund is financed by the European Regional Development Fund, the Welsh Government and the Development Bank of Wales. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.