A Cardiff-based business owner has been able to revamp his hair salon and expand chair rental opportunities for other stylists thanks to a micro loan from the Development Bank of Wales.
Cariad Hair is owned and run by sole trader Warren Richards who has been cutting, styling and colouring hair for the last 15 years.
With plans to renovate the salon, Warren applied for a £7,000 fast-track working capital loan.
Fast-track loans are available for businesses that have been trading for two years or more and come with less paperwork and faster decision making, with some being made in 48 hours.
Last year, the Development Bank introduced several improvements to make it easier for businesses to get the finance they need, offering a quick, simplified service that allows them to unlock much needed investment for start-up costs, to cover capital expenditure and stock purchases, for example.
Warren applied for a fast-track loan through the Development Bank of Wales’ website.
He said: “A fast-track loan from the Development Bank of Wales has enabled me to revamp my salon in Cardiff and invest some money into my brand and marketing. The process was so quick and simple from my application to the turnaround in just two days.
“The renovation of the salon will not only help to attract more stylists to work here, but hopefully grow our customer base allowing us all to continue to improve and refine our craft. I am so proud of my newly renovated salon which wouldn’t have been possible without the Development Bank loan.”
Emily Wood, Investment Executive at the Development Bank of Wales said: “Giving small business owners such as Warren the opportunity to access funding easily and effectively allows them to adapt quickly. I look forward to seeing Cariad Hair go from strength to strength with our backing.”
The Wales Micro Loan Fund is a £16.2m fund, backed by the Welsh Government. It provides micro loans from as little as £1,000 up to £50,000 and is targeted at small businesses, sole traders and social enterprises based in Wales.