Entrepreneurs Ryan and Shannon Morgan are scaling their electronics business thanks to a Development Bank of Wales scheme to support business owners aged under 30.
Operating in the industrial and manufacturing sectors, MM Electronics supplies obsolete and long-lead time parts from all manufacturers including Allen Bradley, ABB, Siemens, Schneider and Omron. The business was set up by Ryan Morgan in 2020 when he was 21 years old.
The couple, now aged 24 and 26 years old, join more than 60 young entrepreneurs under the age of 30 from more than 50 different businesses getting the financial backing that they need from the Development Bank of Wales as the bank ramps up its support for young people in business.
Based on Maritime Industrial Park, Pembroke Dock, MM Electronics has enjoyed year-on-year growth of 30% with a global customer base that now extends from West Wales to Australia. The fast-track micro-loan of £40,000 loan from the Development Bank will be used as working capital to meet growing demand.
Director Ryan Morgan said:
“I’ve always wanted my own business and am determined to succeed. We’ve worked very hard over the last three years to get MM Electronics to where it is today.
The investment from the Development Bank means that we now have the working capital that we need to continue with our growth trajectory, build our profile and take the next steps to scale the business as the go-to provider of obsolete industrial and manufacturing parts.
“It’s not easy to take the jump at a young age but I have absolutely no regrets and love coming to work. I believe that you have to take every opportunity in life and I hope we inspire other young people to step up and start up on their own business. Young entrepreneurs need all the help they can get so it’s encouraging to know that the Development Bank believes in our ability to make this work and it’s reassuring to have their backing. They’ve been really helpful.”
Emily Wood is an Investment Executive with the Development Bank and an ambassador for young entrepreneurs.
She said:
“We understand the challenges young people face in business and are passionate about helping them to realise their ambitions. We also recognise that we have an important part to play in the Welsh Government’s commitment to supporting young entrepreneurs which is why we provide flexible business finance to 18-30 year olds like Ryan and Shannon.
“Like a lot of young business owners they’ve got great drive and talent so we’re looking forward to supporting their growth as they continue to build the business.”
The micro loan for MM Electronics came from the £500 million Wales Flexible Investment Fund. Welsh businesses can apply for loans, mezzanine finance and equity investments from £25,000 to £10 million with flexible repayment terms of up to 15 years. The Wales Flexible Investment Fund is financed by Welsh Government.
