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Start Up Loans celebrates significant funding milestones in Wales

Swansea, Newport, Carmarthenshire and Caerphilly have received a combined £15m

Louise McCoy, Commercial Managing Director at the British Business Bank

The Start Up Loans programme, part of the British Business Bank, today announces that it has delivered a combined £15m of funding to small businesses in four key local authorities in Wales since the programme launched in 2012.

Swansea has received the highest value of loans at £6m, distributed to almost 600 small businesses, and the counties of Newport, Carmarthenshire and Caerphilly have each received over £3m worth of funding as of February 2024.

Across Wales, small businesses have received a total of more than £48m in 4,700 loans, with the average loan amount more than £10,000.

The British Business Bank Start Up Loans programme provides government backed loans of up to £25,000 per individual, up to a maximum of £100,000 per business. In addition to finance, successful applicants receive free mentoring, access to resources and advice.

See below for a full breakdown of loans to the top 10 local authorities in Wales since 2012, including amount lent, volume and average amount.

Top entrepreneurial local authorities in Wales:

Local Authority Amount Lent (£) Loans Made Average Loan Amount (£)
Swansea 6,060,908 582 10,414
Cardiff 5,681,973 552 10,293
Newport 3,123,915 308 10,143
Carmarthenshire 3,051,035 284 10,743
Caerphilly 3,001,285 298 10,071
Neath Port Talbot 2,634,352 263 10,017
Rhondda Cynon Taf 2,561,897 266 9,631
Vale of Glamorgan 2,400,757 210 11,432
Bridgend 2,118,829 226 9,375
Pembrokeshire 1,890,484 197 9,596

Louise McCoy, Commercial Managing Director, Small Business Lending at the British Business Bank, said:Start Up Loans is proud to have provided more than £48m worth of funding to business owners across Wales since 2012, and notably to Swansea, Newport, Carmarthenshire and Caerphilly which have just reached these significant funding milestones.

“We hope that aspiring business owners from across Wales are inspired by the stories of successful businesses that have launched across the nation, thanks to the funding available via the programme.”