Finance Wales has launched a new streamlined two-day application process for micro loans.
Eligible
SMEs that have been trading for more than two years, can now take
advantage of the process to apply for loans of between £1,000 and £5,000
from the Welsh Government’s Wales Micro-business Loan Fund.
Previously loan agreements could take up to 10 days.
Finance
Wales’ micro loan fund manager Nicola Edwards hopes the new scheme will
enable more small businesses in Wales to access the finance they need
to grow and increase their impact on the economy.
She added: “Accessing the right financial support can have a positive
impact on small businesses and we’re keen to encourage more of them to
take advantage of the micro loans on offer from Finance Wales.
“Our customers and their advisers told us that they’d like a quick,
easy application process, so we’ve come up with a shorter process with a
quicker turnaround and there’s also less paperwork to fill in.
“We
hope our new streamlined application process will encourage more
businesses to be ambitious and get their plans under way or help them to
take advantage of new business opportunities.”
Cardiff-based Marigold Costumes is one of the first recipients of a loan under the new streamlined application process.
When
the opportunity to acquire the costumes used in a medieval television
drama came up, it approached Finance Wales for a £5,000 micro loan to
help fund the purchase.
The new costumes are a valuable addition to the company’s existing stock of over 95,000 costumes.
A major costume supplier, Marigold has built up strong reputation with film, television and theatre companies.
Dawn Thomas-Monro, a Abaft-nominated costume designer and Marigold’s
owner said: “We used a previous loan from Finance Wales to start up
Marigold Costumes in 2005 and this loan has helped us take advantage of
an opportunity to buy some new costumes which will provide us with a
valuable future income stream.
"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.”
Rhiannon
Brewer, senior investment executive in Finance Wales’ micro loans team,
added: “Marigold Costumes is now a well-established and highly regarded
business run by an experienced, award-winning costume designer.
"Buying
these costumes was an excellent opportunity for Dawn and her team and
they’ve already attracted a lot of interest with customers.”
