Pembrokeshire Performance Sailing Academy is first to take advantage of revamped fast-track loan process for loans up to £25,000 from the Development Bank of Wales

Watersport and sailing enthusiasts will be setting sail from Lydstep when the Pembrokeshire Performance Sailing Academy opens a second centre this Easter.

Using the recently updated fast-track loan facility from the Development Bank of Wales , Richard has secured £20,000 to purchase two sailing boats and a powerboat for a second site at the Bourne Leisure Caravan Holiday Village in Lydstep. Customers will have access to on-site showers and toilets, as well as the Haven café.

As the leading Royal Yachting Association (RYA) sailing and powerboat training centre in south west Wales, the Pembrokeshire Performance Sailing Academy provides training for entry level enthusiasts and high performance sailing.

Based at Llanion Cover near Pembroke Dock, the Pembrokeshire Performance Sailing Academy is run by ex-forces instructor Richard Owens. He established the business in 2013 having previously competed at European and National level as a Coach with the Army Sailing Association.

Director and Chief Instructor Richard Owens said:

“We were given the chance to open a second centre in Lydstep but we needed access to quick finance so that we could grasp the opportunity quickly. The fast-track loan from the Development Bank means that we can invest in new equipment and diversify our business in to the tourism market; providing exciting opportunities for growth and creating new work for local freelance sailing instructors.

“Although a relatively small amount of money, this £20,000 loan from the Development Bank will make a big difference to our potential and the livelihoods of local people who rely on us for work. It’s a win-win all round and, importantly, the new fast-track process means that it has been really quick.”

The fast track loan from the Development Bank of Wales is available to all businesses that have been trading in Wales for over two years. Funding was previously limited to £10,000 but loans of up to £25,000 are now available with a decision made in just two working days. A statement of assets and liabilities is required as opposed to a full business plan. Interest is fixed for the term of the loan.

Emily Wood is an Investment Executive with the Development Bank of Wales. She added:

“Our fast-track loans are now available up to £25,000 with a decision made within two days. This funding is ideal for businesses that have been trading for over two years and are ready to scale up, invest in additional stock, develop products or need a helping hand with cashflow. We’ve been delighted with the response so far from businesses’ like the Pembrokeshire Performance Sailing Academy. The businesses that we support like the easy on-line application process coupled with having a person rather than a computer making a decision. Having the support from our local teams is making a real difference.

“Richard has a great business that is highly regarded by the sailing and watersport community. The opening of the second centre in Lydstep is natural progression and, as a tourist destination, will complement the main centre in Llanion as a year-round operation. We’re looking forward to our first visit!”