18/11/2013

A £25,000 loan from Finance Wales is a convenient choice for two Carmarthen retailers

Two successful Carmarthenshire convenience store owners have expanded their business by purchasing the former Spar store in Laugharne with the help of a £25,000 loan from Finance Wales.

Rhys Evans and Gordon Miller already successfully operate a number of convenience stores and filling stations locally. 

Having put up their own capital and secured a loan from HSBC through the Enterprise Finance Guarantee Scheme, the pair needed additional finance to make up their total funding requirement.

Their accountant Mark Jones of Clay Shaw Butler introduced them to David Knight of Finance Wales to discuss their requirements. 

“Ever since we first opened in 2004, we’ve been determined our business would become part of the local community, so the opportunity to acquire another shop in this location was too good to miss.  We can now stock more of what our local customers want and we also have more floor space to cater for the summer holiday trade.

“We’d only been able to secure part of the finance we needed and Finance Wales’ loan completed the package.  We were able to purchase the shop and refurbish it to suit our plans,” explained Evans.

Investment Executive, David Knight said: “Rhys and Gordon are both experienced retailers who’ve built up a strong business over many years.  They know their local market very well and have many loyal customers.  Established local businesses like this are often the lifeblood of their community.  I was pleased to be able to understand their expansion plans and help them secure the additional funding they needed to expand.”

Finance Wales made the loan from the Wales SME Investment Fund.

Loans from £1,000 are available from Finance Wales from a range of funds including the £6 million Wales Micro-business Loan Fund, £40 million Wales SME Investment 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 micro loans from Finance Wales has more than doubled during the 2012- 13 financial year.