Some 120 businesses in Ceredigion have received Start Up loans, worth over £1.2 million, according to the British Business Bank.

The British Business Bank’s Start Up Loans programme today announced it has passed a major milestone of £600m worth of loans delivered outside of London. It includes £39m delivered to start-ups in Wales, via over 4,000 individual loans.

Since its launch in 2012, Start Up Loans have been providing mentoring, support and funding to aspiring business owners in every corner of the United Kingdom and its impact has been particularly noticeable among by individuals who might find it difficult to secure high street loans.

Of the 4,019 Start Up Loans delivered in Wales, £3m (8%) were provided to Black, Asian and minority ethnic business founders, and more than 31% of all loans were supplied to young entrepreneurs aged thirty and below.

Bethan Bannister, UK Network Senior Manager for Wales, said: “Providing £600 million worth of funding to new businesses outside of London is a huge milestone for the government-backed Start Up Loans programme and reflects the broad diversity and ambition of the nation’s small businesses at a grass roots level across the whole country.

“We have always been committed to providing support and funding to SMEs that hail from each corner of the country, particularly in areas of deprivation where people may struggle to access funding, and this milestone is tribute to that.

“We are proud that our loans, mentoring and support for aspiring and existing entrepreneurs is helping to support the Build Back Better agenda and we’re delighted to have been able to help businesses turn their dreams into reality”.

UK Small Business Minister Paul Scully said: “There is so much creativity and dynamism in Wales and across the UK, but without access to funding and support it’s difficult to fully unlock the entrepreneurial spirit that makes this country great.

“Wales gave the world such inventions as the microphone and radar, a legacy which dynamic new businesses are taking forward.

“The Start Up Loans programme has helped a diverse range of entrepreneurs across the UK to get their business ideas off the ground, levelling up the entire country and enabling talented business leaders from all backgrounds to flourish.”