Finance Wales has launched a new, streamlined two-day application process for micro loans of between £1,000 and £5,000. This forward thinking change to their processes has been introduced to address the needs of businesses across Wales and could be a game changing lending facility for those looking to raise growth capital. If you have been trading for over two years, your business can now access funds at a moment’s notice which could make all the difference.
An example of this is Gwynedd-based luxury paper goods designer, Caryl Halstead who was one of the first businesses to benefit from the speedy new application process. Trade had been brisk since 2013 and Caryl is now using an unsecured £5,000 micro loan to expand her business. The immediate cash flow has enabled her to get the mechanics of her business up to date, including a new website and exhibition space at an essential trade show.
Cardiff-based business Marigold Costumes is another loan scheme debutant who has used the facility to take advantage of an opportunity. They have purchased new costumes which provided them with a valuable future income stream. Dawn Thomas-Mondo, a Bafta-nominated costume designer and Marigold’s owner commented: “Finance Wales understood that buying these costumes was an excellent business opportunity for us and that we needed to act quickly to bid for them. We filled in a simple form and they approved our application within two days. We were then able to purchase the costumes and we’ve already started hiring them out.”
SMEs wishing to apply for this type of micro loan should contact Finance Wales on 0800 587 4140, e-mail [email protected]