525 Welsh residents recently took the first step in making their start up dreams a reality, by launching their own business with the help of the Start Up Loans Company (http://www.startuploans.co.uk).
The government-backed scheme’s internal data shows that almost 10,000 new businesses were opened in the UK during the 2015-2016 financial year – 525 of these companies are based in Wales.
Looking at the varying age groups, almost half of the aforementioned Welsh businesses were founded by residents aged between 31-49.
A quarter were set up by those aged 25-30 and 14% by the over 50s. The remaining 13% were established by the younger generations, aged 18-24.
Interestingly, 33% of Wales’ newest business owners were previously unemployed. Another 33% were already self-employed, and 28% left their full-time job to start a company.
Tim Sawyer, the CEO at the Start Up Loans Company, said:
“Small businesses can have a significant impact on the local economy and community, that’s why funding new start ups is so essential. Since launching our funding and comprehensive package of free business support has helped to create jobs and launch many great business ideas.
“In Wales alone, we have already helped110 new businesses since the new financial year started in April.
“While it’s very exciting to see so many new businesses being established and growing in Wales, we want to increase this number and help even more individuals to realise their business ambitions.”