Small loans vital to small businesses in Covid

[joselync]

Businesses who are struggling post-pandemic need better access to small loans, experts say.

Charity Purple Shoots said it had helped companies that might struggle to get finance from big banks.

Business specialist Prof Dylan Jones-Evans said the Welsh government's development bank should offer more help to these businesses.

The Welsh government said it was committed to giving financial aid to small business.

Microfinance is the lending of relatively small amounts, often to small businesses or sole-traders.

Banks usually focus on bigger loans but these little ones can allow firms to make small but meaningful improvements.

After starting a candle business online during the pandemic, Nicky Stephenson decided to open a gift shop in Newbridge.

Purple Shoots lent her money for display cases.

Ms Stephenson was hesitant to call the charity.

[tracym]

Small loans are vital to small businesses in Covid, as they provide a way for these businesses to get started and grow. In addition, small loans can help businesses weather setbacks and keep the business afloat during difficult times. Covid is a community that values its small businesses, and loans from local banks are available to help these businesses succeed.