How can I apply for a Business Loan in Wales?
Businesses across Wales can apply for Business loan funding by completing the online application at For Kredit. The easy-to-complete form provides step-by-step instructions on what a business owner needs to complete and there are no fees for making an application.
As part of the application process, the business owner will be asked to provide some details about themselves and the business. This ensures that the lender can make an accurate and responsible assessment of the application. Details are listed below:
- Loan Amount: The application will ask business owners how much money they would like to borrow up to a maximum amount of £500,000.
- Personal Details: The applications will ask the business owner to provide some basic personal details about themselves.
- Business Details: The applicant will need to provide some basic details about the business and some documentation which is used to assess the application.
If the application is successful, the lender will get into contact with the applicant to discuss the terms and conditions of the loan being offered. It is always a good idea to ask any questions regarding the T&Cs should an applicant be unsure of any element of the contract. There is also no obligation for applicants to accept the loan offer if they have second thoughts.
Once the loan is accepted and the deal is finalised, the funding will be transferred directly to the associated business account within 24 hours.
Is Wales a good country for business?
Wales has a very diverse economy and is currently home to approximately 207,000 private sector businesses. The capital city of Wales is Cardiff, which is responsible for 20% of the Welsh GDP. Industries that have been able to thrive in Wales included Life Sciences and Tech, but also a strong development in renewable energy and the tourism industries.
The country attracts a highly skilled workforce made up of Welsh graduates but also draws upon graduates based around the rest of the UK. A reason why it has become such a draw for people to work is its balance between affordability, opportunity and lifestyle – with people enjoying the mix of city life but also the great Welsh countryside.
In terms of new businesses, Wales provides lots of opportunities for startups to grow and thrive. The country actively encourages entrepreneurship, with funding opportunities available from the Welsh government. Furthermore, the country offers competitive costs that are important for new businesses such as property and office space.
Wales: A Land of Cultural Richness and Business Opportunity
Wales, part of the UK, stands out with its distinct cultural identity and bilingual nature. It’s not just a land rich in culture and natural beauty but also a thriving place for businesses. As of 2017, Wales had 102,890 active businesses, with a business birth rate higher than the UK average (13.7% vs. 13.1%). Notably, businesses started in 2012 in Wales had a five-year survival rate of 44%, surpassing the UK average.
Cardiff: The Economic Heart of Wales
Cardiff, the capital and largest city of Wales, has evolved from a major coal exporting port to the principal finance and business center, contributing significantly to the Welsh GDP. Known for its tourist attractions and ranking high in National Geographic’s Alternative Tourist Destinations, Cardiff is also a hub for government, business, higher education, media, and culture. The city’s development, including landmarks like the Wales Millennium Centre and the Senedd Building, underscores its economic vitality.
Connectivity and Talent in Wales
Wales offers excellent connectivity to other major UK business hubs, with London just two hours away from Cardiff. Cardiff Airport opens doors to global destinations, enhancing business opportunities. The region is also recognized for its tech talent, partly due to initiatives like the National Software Academy. Additionally, the Welsh Government’s support has been instrumental in boosting employment and strengthening the economy.
Resources and Support for Welsh Entrepreneurs
Prime Cymru, Big Ideas Wales, and Business Wales
Entrepreneurs in Wales have access to valuable resources:
- Prime Cymru: This initiative supports over-50s in setting up businesses in Wales.
- Big Ideas Wales: Aimed at under-25s, this program offers advice and support for starting a business.
- Business Wales: Providing impartial support for starting and growing a business, Business Wales offers workshops and personalized assistance across the country.
Business Loans and Funding in Wales
For Kredit: Empowering Welsh Businesses
For Kredit provides finance options like Unsecured Business Loans for Welsh businesses. These are designed to cater to the diverse needs of Sole Traders, Startups, and SMEs.
Eligibility Criteria for Business Loans in Wales
To qualify for a loan, Welsh businesses must meet these criteria:
- Minimum monthly turnover of £5,000 for business loans.
- For merchant cash advances, minimum monthly average card sales of £5,000.
- The business must have been actively trading for at least 6 months.
- The business owner or director must be over 18 years old.
Cities we serve in Wales
We can help businesses across Wales apply for a merchant cash advance, but if you’re looking for an area in particular, click on one of the buttons below.