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07/05/2013

Llanelli RFC coach, Louie Tonkin sets up CrossFit Carmarthen with the help of a micro loan from Finance Wales

A £6,000 micro loan has helped Llanelli RFC’s new conditioning coach, Louie Tonkin set up CrossFit Carmarthen.

Tonkin combined the micro loan with his own money to set up the gym which is targeted at amateurs and professionals.

Located on Anthony Way in Carmarthen, CrossFit Carmarthen provides a range of facilities and classes for individuals and groups using the CrossFit strength and conditioning programme.

“I’m passionate about the CrossFit programme and have been keen to set up my own gym for some time.  I was able to combine the loan from Finance Wales with my own money to cover my start-up costs and get the business off the ground.  I was impressed by the application process - David Knight from Finance Wales is based locally and he took time to go through my plans with me,” explained Tonkin.

Investment Executive, David Knight said: “I’m pleased Finance Wales has been able to help Louie achieve his long term ambition to set up his own gym.  CrossFit Carmarthen is the type of small, local business that really benefits from micro finance.  Louie is committed to making a success of his new venture and our micro loan has given him the boost he needed.”

Richard Jones of Antur for Business introduced Louie and David.

Finance Wales made the loan from the Wales Micro-business Loan Fund.

£1,000 - £25,000 micro loans are available from Finance Wales from the recently launched £6 million Wales Micro-business Loan Fund as well as the European-backed £150 million Wales JEREMIE Fund.

They can help with a range of investment needs, including start-up costs, capital expenditure and stock purchases. Businesses often use them to unlock much-needed additional investment. Finance Wales has a streamlined application process which ensures it can be responsive to businesses’ needs.

Demand for loans of up to £25,000 more than doubled during the 2012- 13 financial year.