The number of people receiving start-up loans in Wales increased by 30 per cent over the past year, according to official figures published this week.

A total of 712 entrepreneurs in Wales have received almost £4.5 million worth of start-up loans to launch their businesses.

The Start-up Loans Company is a government initiative providing funding, mentoring and support to entrepreneurs in a bid top get new, innovative companies off the ground and provide expertise to ensure the companies are successful.

Secretary of State for Wales Stephen Crabb said: "This is fantastic news for the Welsh economy. Across the length and breadth of Wales, we are helping young people turn ambition and innovation into thriving businesses.

"Since 2010, we have seen 26,000 new businesses Wales. Schemes such as Start up Loans provide budding entrepreneurs across Wales with the tools they need to turn their ideas into living, breathing businesses.

"Our long term economic plan is all about supporting small businesses, backing aspiration and encouraging more young people to follow their dreams.

“I am thrilled to see this happening all across Wales and hope more young people apply to the scheme and get the chance to start their own businesses."