Start Up Loans, part of the British Business Bank, has today revealed the top local authorities for start ups across Wales, based on the number of Start Up loans successfully drawn down since 2012 by borrowers in their areas in comparison to other local authorities.
Swansea was found to be the top local authority for start ups in Wales, with 568 loans worth over £5.8 million successfully drawn down since 2012, representing 3.7 in every thousand local adults.
Swansea also saw the largest number of loans delivered, with an average loan size of £10,345 per loan.
Following Swansea’s lead Newport and Ceredigion follow in second and third place respectively, with entrepreneurs in Newport receiving 285 loans worth over £2.7m since 2012, representing 3 in every thousand adults and Ceredigion based entrepreneurs receiving 123 loans worth over £1.3m, representing 2.9 in every thousand adults within the local population.
Ceredigion’s high ranking as third top local authority in Wales for SUL drawdowns is particularly notable due to its rural status: it is the second least densely populated area in Wales.
This latest data has been made available ahead of the Bank kickstarting its first annual Business Finance Week 2022 (7-11 November 2022), hosted in conjunction with business support partners from across the UK.
The full picture for start ups in Wales’ 22 local authorities weighted against population size is as follows:
| Local Authority | Loans Made | Amount Lent (£) | Loans per 1000 Adults (18-65) |
| Swansea | 568 | 5,876,408 | 3.7 |
| Newport | 285 | 2,762,515 | 3.0 |
| Ceredigion | 123 | 1,317,187 | 2.9 |
| Neath Port Talbot | 244 | 2,434,852 | 2.8 |
| Monmouthshire | 150 | 1,523,595 | 2.7 |
| Pembrokeshire | 188 | 1,769,984 | 2.6 |
| Caerphilly | 276 | 2,666,005 | 2.5 |
| Torfaen | 142 | 1,266,989 | 2.5 |
| Vale of Glamorgan | 195 | 2,213,457 | 2.4 |
| Carmarthenshire | 255 | 2,693,035 | 2.3 |
| Merthyr Tydfil | 86 | 733,900 | 2.3 |
| Bridgend | 199 | 1,841,329 | 2.2 |
| Powys | 160 | 1,620,225 | 2.2 |
| Cardiff | 522 | 5,278,620 | 2.1 |
| Conwy | 134 | 1,314,012 | 2.0 |
| Blaenau Gwent | 83 | 653,150 | 1.9 |
| Isle of Anglesey | 69 | 639,955 | 1.8 |
| Rhondda Cynon Taf | 253 | 2,390,554 | 1.7 |
| Wrexham | 138 | 1,500,493 | 1.7 |
| Denbighshire | 80 | 740,167 | 1.5 |
| Gwynedd | 115 | 1,019,200 | 1.5 |
| Flintshire | 127 | 1,445,627 | 1.4 |
A total of 4,392 loans have been delivered by the Start Up Loans programme to entrepreneurs in Wales over the past decade, worth over £43.7 million. In September, the British Business Bank announced it is expanding the programme to include new businesses that have been trading for up to three years, as well as introducing a new growth loan option for businesses that have been trading for up to five years.
Louise McCoy, Commercial Director, Start Up Loans, said: “It’s wonderful to see Swansea recognised in Wales for its contribution to entrepreneurship. I’m always inspired by the stories of small business owners who have used the Start Up Loans programme to take the leap into business ownership. Wales has an ever growing pool of diverse small businesses and I’m pleased to see that, with the help of Start Up Loans, they’re able to access the finance they need to grow and contribute to the local economy.”
