Welsh Government
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Review set to ensure best business advice and financial support for Welsh firms
Robert Lloyd Griffiths, director of the IoD in Wales and chair of the Business Wales Strategic Board, will lead the review to investigate how better business advice could be offered alongside more accessible financial support for businesses in Wales, in order to maximise the economic impact of both.
This follows Professor Dylan Jones-Evans, in his Access to Finance Stage 2 Report, suggesting that Business Wales needs to be fully engaged with financial support mechanisms to ensure that weaknesses in business management are addressed at the same time as financial concerns.
Economy Minister Edwina Hart announced Mr Lloyd Griffiths’ appointment in a Written Statement to Assembly Members yesterday.
She said:
“I have asked Robert Lloyd Griffiths, in his capacity as the Chair of the Business Wales Strategic Board, to lead a review into how Welsh Government non- financial support can best align and support the financial support it offers and that which is also available from Finance Wales.
“The Review will examine the nature and type of financial and non-financial support available and identify any gaps in services and opportunities to work more effectively across the public and private sector to offer a joined-up approach for SMEs.
“The WG is committed to supporting business growth and wants to ensure that SMEs in Wales have access to the very best support – whether business advice or financial support. We also want to ensure what is the most effective and efficient method of providing that support.”
The review is expected to be completed by September.
Mr Griffiths said:
“I shall be keeping all options open to find the best way forward – we want to make it as easy as possible for businesses in Wales to access finance from all available sources. I shall look forward to taking evidence and discussing this with all key stakeholders and interested parties.
“SMEs are the lifeblood of the Welsh economy and we want to ensure they have the help and support necessary to grow, invest, create jobs and help spread prosperity and make an even more important contribution to the Welsh economy. It is important that we get this right and I shall be seeking the views of all interested parties to ensure the recommendations meet the needs of businesses in Wales.”
In 2012 Mr Griffiths led a Task and Finish Group for the Minister into support for Microbusinesses in Wales, which resulted in the establishment of the Welsh Government’s £6.5m Business Wales one stop shop network in January 2013.
