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The first smaller loan deals from the British Business Bank\u2019s \u00a3130m Investment Fund for Wales have been unveiled.<\/span><\/span><\/span><\/p>\n The inaugural three deals from the Smaller Loans fund, managed by appointed fund managers BCRS, add up to a total of \u00a395,000.<\/span><\/span><\/span><\/p>\n The Investment Fund for Wales was launched by the Government-backed British Business Bank in November 2023 to boost the supply of early-stage finance to small and medium-sized businesses across Wales. The Fund offers a range of commercial finance options, with smaller loans from \u00a325,000 to \u00a3100,000, debt finance from \u00a3100,000 to \u00a32 million and equity investment up to \u00a35 million.<\/span><\/span><\/span><\/p>\n The first small loans are a \u00a340,000 loan to Wrexham-based Wynnstay Self Storage, \u00a330,000 to Blackwood-based photonics specialist manufacturer Bluebox Optics, and \u00a325,000 to takeaway Metro Eatery Ltd in the Vale of Glamorgan.<\/span><\/span><\/span><\/p>\n Wynnstay Self Storage was previously a family-run sawmill, set up in 1984 by Geoff Pritchard. Geoff\u2019s son, Matt, joined the sawmill business in 1999 and opened a bespoke joinery workshop. Matt inherited the business when Geoff passed away in 2016. Rising costs meant the firm was importing more and more timber and after a year at the helm Matt decided to diversify into self-storage to make use of the land.<\/span><\/span><\/span><\/p>\n He invested in six shipping containers and after conversations with a friend who had nowhere to store his caravan off-season Matt also now offers parking plots.<\/span><\/span><\/span><\/p>\n Matt said<\/b>:<\/span><\/span><\/span><\/p>\n \u201cOur success has all been down to word of mouth and we are consistently full to capacity. This injection of investment will enable me to purchase a further 10 shipping containers and to develop the infrastructure to increase the size of the business in order that our land is more efficiently utilised. I also plan on rebuilding my existing workshop into one that is more fit for purpose.\u201d<\/span><\/span><\/span><\/p>\n Blackwood-based Bluebox Optics is a photonics specialist manufacturer which develops LED light sources for fluorescence microscopy for use within the health and medical sectors.<\/span><\/span><\/span><\/p>\n They will use their \u00a330,000 IFW loan as growth capital to help to bring to market a product range of LED medical light engine systems, which include systems for not only fluorescence microscopy but also endoscopy and to replace lamp systems with LEDs for microscopy.<\/span><\/span><\/span><\/p>\n It also features associated optical fibre, meaning that surgeons are able to see more on clinical monitors used during keyhole surgery.<\/span><\/span><\/span><\/p>\n Bluebox Optics CEO Ron Yandle said<\/b>:<\/span><\/span><\/span><\/p>\n \u201cWe have worked extensively with universities on medical device research projects and this loan will enable us to develop discussions we\u2019ve had with Imperial College London on developing a LED light engine and camera system to help make breast cancer reconstruction surgery more efficient.<\/span><\/span><\/span><\/p>\n \u201cGetting finance to develop, rather than produce, a device within the field of medical technology can be challenging.<\/span><\/span><\/span><\/p>\n \u201cBCRS and the Investment Fund for Wales recognise our vision and have provided valuable business planning and forecasting advice.\u201d<\/span><\/span><\/span><\/p>\n Muhammed Mujib of Metro Eatery Limited will use their loan as growth finance to fit out a second takeaway on Cardiff Road, Dinas Powys.<\/span><\/span><\/span><\/p>\n