Since the fund was established in Wales in 2013, companies have received on average a lending amount of around £8,000 per company.

In the last four years, an average of two new Welsh businesses a day have benefited from the fund.

Ken Skates, economy secretary, said: “The Welsh government is committed to encouraging entrepreneurship and start-ups across Wales.

“However, we recognise that the one thing holding most entrepreneurs back is their difficulty in accessing affordable finance and the right mentoring support.

“We are proud to support the UK-wide Start Up Loans Company, which is partly delivered by the Welsh government Business Wales service.

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“Since its inception in 2012, the Start Up Loans Company fund has supported nearly 2,000 start-ups in Wales and it is really heartening to see the ongoing success of companies such as organic hair treatment specialists Goji Hair in Cardiff, outdoor activity company Waterfall Ways in Glynneath and Bite Wales – the Little Cheese Shop in Denbighshire.

“Their stories show just what can be achieved when drive, ambition and flair are coupled with the right finance and support.”

“Start-ups play an instrumental role in driving the growth of the economy, and it’s great to see such a demand for funding in Wales,” added Joanna Hill, interim CEO at the Start Up Loans Company.

“The businesses we have helped launch span a range of sectors, and demonstrate the flair and diversity of the start-up community in Wales.

“Working in partnership with the Business Wales service we anticipate this momentum to continue, and we look forward to seeing more businesses start-up and thrive across the country.”