New Scheme to Help Businesses Access Funding & Support

A new Welsh Government pilot scheme aimed at increasing the number of start-up businesses accessing the funding and support they need to grow has been launched.

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.

Wrexham Assembly Member Lesley Griffiths is hoping local companies can benefit from the scheme.

Business Wales is the Welsh Government’s dedicated service providing information and access to support for people starting, running and growing a business.

The pilot scheme, which will initially run for twelve 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.

Lesley Griffiths AM commented: “During the initial start-up phase, young businesses and entrepreneurs will undoubtedly face issues and will seek advice and support in order to move forward. This new Welsh Government scheme can hopefully help provide the solutions.

“The holistic approach is key. Having a variety of agencies working together and sharing expertise will no doubt provide better services and stronger support for start-up businesses.

“More companies, including those based in the Wrexham area, will be able to secure the investment they need to grow their business, creating and safeguarding jobs in the process and ultimately boosting the Welsh economy.”

The Business Wales Helpline is 0300 060 3000 and more information can be found at http://business.wales.gov.uk