Micro Loan from Development Bank Backs Growing Industrial Supply Business
Andrew Harrison, Owner, QTS; Callum O'Neill, QTS; Nicola Edwards, Development Bank of Wales; Donna Strohmeyer, Development Bank of Wales
The Development Bank of Wales has backed Cardiff-based QTS Industrial Supplies Ltd with a micro loan, allowing the business to set its sights on growth with improved machinery and stock.
Established in 1984, and now led by current owner Andrew Harrison, QTS provides all aspects of industrial supplies and machining equipment to business customers, including cutting tools, precision engineering equipment and hand and power tools. It also offers maintenance, repair and overhaul services and uniforms and textiles equipment including PPE, with clients including Transport for Wales, Caerdav, Dow Silicones and Ryanair.
The micro loan, from the Wales Flexible Investment Fund, will be split across machinery and stock for the business, which has seen growth of nearly four times in the last four years.
Andrew Harrison said:
'We've seen some significant expansion over the last few years and that's been supported by us investing in ourselves. The capacity we've built up means we've been able to provide a wider range of goods, and bring in more contracts.
'This loan from the Development Bank of Wales means we'll be able to carry on with our growth plans, and as we're a Welsh business based in Wales, it made sense that we approached them for support. I'd like to thank Donna Strohmeyer, Investment Executive at the Development Bank, for her support and guidance during the deal process – she was fantastic'.
Nicola Edwards, Fund Manager at the Development Bank, said:
'I'm really pleased at the level of support we've been able to provide to QTS Industrial Supplies. We've recently made a number of changes to our micro loans, including classifying any investment from £1,000 to £100,000 as a micro loan, and removing 1% arrangement fees.
'With these changes, we can help businesses like QTS Industrial Supplies get the funding they need to start up and grow quicker and easier than before.'
She added:
'We're also pleased that we're continuing our relationship with the Wales Council for Voluntary Action, who will continue to manage the third-sector and social impact of our micro-loans.'
The Development Bank offers micro loans from £1,000 to £100,000, with fixed interest rates for the duration of a loan, flexible terms and fast-track applications available.
For more information, visit Development Bank of Wales – Micro Loans
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