Loan helps online handbag retailer hit the high street
Thu, 6th August 2015

Loan helps online handbag retailer hit the high street

A Newport online fashion business which sells designer bags and accessories has secured funding from Finance Wales to enable it to expand onto the high street.

BiBi Bags secured £20,000 to fit out a new shop after entrepreneur Sahra Bibi Hassan contacted the funding organisation.

Hassan's first shop opens in Newport city centre on 17 August as part of the city's current redevelopment.

Hassan said: "Having successfully established the business online, opening a shop was the next step for me. I contacted Business Wales for help and they recommended Finance Wales.

"Finance Wales took time to understand my plans and I'm pleased to have secured the funds I needed to fit out my shop. The shop will be an exciting showcase for the business and also let us get to know our customers better."

Micro loans from Finance Wales, ranging from £1,000 to £50,000, are being used to start and expand small businesses all over the country.

Nicola Edwards, micro loan fund manager at Finance Wales, added: "The Wales Micro-business Loan Fund has significantly increased Finance Wales' reach, allowing us to help small businesses in previously ineligible sectors."

She added: "While we're backing more bars, restaurants and retailers than ever, some of the more unusual businesses our micro loans are helping include an app designer, an ice cream parlour as well as a special effects company. We've even backed a zoo."

category Wales  |  source Insider Media