Swansea has been named the top local authority for starts ups. New data from the British Business Bank's Start Up Loans has ranked local authorities for start ups across Wales.
The city came first out of the 22 local authorities in Wales for successful start up loans per 1,000 adults since 2012. The data is based on the number of loans successfully drawn down since 2012 by borrowers in their areas in comparison to other local authorities.
Since 2012, Swansea had 568 loans worth over £5.8m successfully drawn down, representing 3.7 in every 1,000 local adults. It also had the largest number of loans delivered, with an average loan size of £10,345 per loan.
Newport and Ceredigion was named second and third place respectively. Entrepreneurs in Newport received 285 loans worth over £2.7m since 2012, representing 3 in every thousand adults.
While Ceredigion-based entrepreneurs received 123 loans worth over £1.3m, representing 2.9 in every thousand adults within the local population.
For the last 10 years, 4,392 loans worth more than £43.7m have been distributed to Welsh entrepreneurs by the Start Up Loans programme.
In September, the British Business Bank announced it is expanding the programme to include new businesses that have been trading for up to three years, as well as introducing a new growth loan option for businesses that have been trading for up to five years.
Louise McCoy, commercial director for Start Up Loans, said: “It’s wonderful to see Swansea recognised in Wales for its contribution to entrepreneurship. I’m always inspired by the stories of small business owners who have used the Start Up Loans programme to take the leap into business ownership.
"Wales has an ever growing pool of diverse small businesses and I’m pleased to see that, with the help of Start Up Loans, they’re able to access the finance they need to grow and contribute to the local economy.”
