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Plaid-run council launches innovative £3million loans fund for businesses

24/05/2022

Gwynedd Council’s innovative £3 million local loans fund to support the county’s businesses has been officially unveiled during the launch of the Gwynedd Business Week 2011.

As part of the Gwynedd Business Week (23 – 27 May 2022), Council Leader, Councillor Dyfed Edwards officially launched the loans fund which is open to Gwynedd firms who are struggling to secure bank funding.

The first fund of its kind in Wales - the Gwynedd loans fund is open to small and medium sized businesses based in the county. The fund will provide loans of between £25,000 and £100,000 with the opportunity to borrow larger amounts provided it has been supported by relevant security.

Gwynedd Council Leader, Councillor Dyfed Edwards said:

“Our small and medium sized companies are vital to the Gwynedd economy. By thinking creatively, and responding to what local companies have told us, Gwynedd Council aims to deliver the tailored support that traders have told us they require.

“This ambitious and groundbreaking initiative shows that Gwynedd Council is committed to doing all we can to supporting our local companies. The Gwynedd loans fund - the first of its kind in Wales - underlines the fact that we are willing to take practical steps to create the right environment so that Gwynedd’s businesses can flourish."

Research carried out as part of Gwynedd Council’s 34-point ‘Responding to the Recession’ action plan found that local viable companies were finding it very difficult to secure loans from the banks during the tough economic climate. The work confirmed that particular sectors, such as tourism and construction which are a vital part of the Gwynedd economy were finding it tough to secure loans.

Gwynedd businesses who want to find out more about the local loans fund should contact Gwynedd Council’s Business Support Service on 01286 679778 or email: business@gwynedd.gov.uk

This year’s Gwynedd Business Week (23 – 27 May 2022) is packed with workshops and seminars, networking events and opportunities to learn more about successful Gwynedd businesses and how to make the most of the services on offer to businesses. For further information, visit: www.gwyneddbusinessweek.co.uk