As it grows and grows we’re seeing more of the GBEA community connecting and working together, whether that’s entrepreneurs working with each other or partners.
One of the most prevalent areas of connection is with our Welsh partners, Development Bank of Wales.
In the final piece of this series, we’ll be taking a look at how the Development Bank of Wales has been supporting members of the GBEA community.
The founder of Mazuma GB, entrepreneurs Sophie Hughes & Lucy Cohen were shortlisted for Services Industries Entrepreneur of the Year for Wales and the South West in 2018.
Based in Bridgend in South Wales, Sophie and Lucy offer online accounting and bookkeeping services to small businesses across the UK. They started the company because they felt the industry was missing something very important; a human touch. The pair saw a permanent office space in Bridgend as the next step to enable Mazuma’s growth.
The Development Bank of Wales helped Sophie and Lucy to secure a £135,000 loan to purchase the leasehold for their new office. Buoyed by the long-term savings associated with owning their office, Sophie and Lucy were able to reinvest extra funds in the business.
They also provided Mazuma with a £190,000 loan to help with the refurbishment costs for the new office.
Speaking of Development Bank of Wales’ support, Sophie said: “The leasehold becoming available on our new office site was a brilliant opportunity to secure a permanent base in the town and expand our growing business. The Development Bank of Wales were able to support us quickly, enabling us to take full advantage of a timely opportunity.”
Investment Executive Navid Falatoori from the Development Bank of Wales said: “Sophie and Lucy are a great team and have built up their company and services for over a decade. As previous customers of the development bank we were happy to step-in and offer them important development capital when they needed it. The new offices will help secure the company’s future base, allowing them to focus on offering their services to more customers and to take on additional staff here in Bridgend.”
If you have a business in Wales and are looking for more information on how Development Bank of Wales could support you, please get in touch with a member of the team here.