Rebecca Evans AM, Assembly Member for Mid and West Wales, has welcomed the news that a Pembrokeshire-based distributer has secured a £1.5 million finance package which will help create 35 jobs in the area.

Genpower, the Pembrokeshire-based UK distributor of Hyundai Power Equipment, has secured a £1.5m finance package to create 35 jobs and support the acquisition of its 110,000 sq ft headquarters. The financial package, from HSBC's £400m SME Fund, also secured a six-figure loan from Finance Wales as well as a repayable business finance loan from the Welsh Government to support the move.

The distributer also qualified for the two per cent interest-rate reduction Finance Wales can offer businesses located in enterprise zones.

Welcoming the news, Mrs. Evans said: "This is welcome news for Genpower, the Haven Waterway Enterprise Zone and Pembrokeshire. To secure further financing is a huge vote of confidence in the company and a real boost for the area. Any move to bring further jobs to Pembrokeshire needs to be encouraged and I welcome the part played by Finance Wales in delivering the financial package."

The company, which sells energy efficient portable generators, water pumps and air compressors, recently acquired the former Cambrian Windows site on the Haven Waterway Enterprise Zone which will allow it to consolidate its operations on one site, increasing its warehousing and workshop capacity, and open a new training facility, showroom and assembly line.

Genpower has the sole UK and Ireland distribution rights to sell Hyundai power products to its growing dealer network.

The need to move to larger premises was essential when Genpower was also awarded a similar exclusive agreement to sell Hyundai garden products and Power tools.

Genpower has experienced strong growth over the past two years, doubling turnover to £3.3m this year, and has plans to grow that to over £6m by 2016.

As well as driving its Hyundai business, it will increase the manufacture and assembly of its own range of generator products following the move.