As part of the micro loans team at the Development Bank of Wales I’ve supported a wide range of entrepreneurs from those opening their first retail business to to family firms with decades of trading behind them.
No two businesses are the same – and that’s exactly what makes my job so rewarding. The needs of the businesses may be different, but our aim is always to help a business take its next step.
Our micro loans go up to £100,000 and are available to sole traders, partnerships and limited companies across Wales. What makes the process work is not just the funding itself, but the way we support businesses through it. We take the time to understand each application properly, whether someone is setting up a salon or growing an industrial supply company. Each case is assessed individually, and that includes looking at business plans, forecasts, and the experience behind the business.
One of the best parts of the role is seeing the difference that funding from the Development Bank can make. I recently visited QTS Industrial Supplies, a South Wales business that’s been around since 1984. It was originally set up by the parents of the current director and now supplies industrial equipment and PPE to a wide range of clients including Transport for Wales. We supported them with their growth plans, and seeing how they’ve added new services and grown their customer base is a reminder of what steady, thoughtful investment can help achieve.
Labardi Lashes is another great business that we have helped to grow. The owner was renting a chair in another salon and found she couldn’t fully meet the needs of her growing client base. She used our funding to secure and fit out her own premises. It’s a good example of someone building a business around what her customers want and having the confidence and flexibility to do it on her own terms.
Then there’s Grinning Soul Records in Monmouth, which was founded by novelist and broadcaster Gary Raymond and Goldie Lookin’ Chain rapper Graham Taylor. Having been close friends since their school days in Newport, the pair had a childhood ambition to open a record shop. Our loan helped them get set up with premises, stock and marketing. Meeting them recently, it was brilliant to see how far they’ve come and how their passion has been turned into a viable, growing business.
We cover all of Wales, with offices in Cardiff, Wrexham, Llanelli, Newtown and Llandudno Junction. Our process is straightforward: businesses apply online, submit supporting documents and receive a decision within five to seven working days – or sooner through our fast-track option. Once everything is in place, funds can often be released within 24 hours. And because everything is handled through DocuSign, the process is far more efficient than it once was.
Importantly, we’re always happy to speak with business owners, whether they’re ready to apply or just want to find out more. If for any reason we can’t help, we’ll often be able to introduce them to someone who can. We work with a broad network of partners across Wales and regularly signpost to Business Wales and other organisations that can offer further guidance.
My advice to any business owner thinking about applying is to do your research. Make sure the funding is right for your business and speak to us early on so we can guide you through what’s required. You don’t need to have all the answers at the start – we’re here to help you work through it.
The best part of this job is seeing first-hand the progress that businesses make. Being able to play a small part in that journey is something I’m proud of every day.
Listen to Donna discuss micro loans on the Development Bank of Wales podcast HERE
To find out more about micro loans from the Development Bank of Wales visit: https://developmentbank.wales/micro-loans-wales
