Development Bank of Wales opens to help more Welsh businesses succeed
The UK’s first Development Bank has now launched. Created by the Welsh Government, the new Development Bank of Wales will make it easier for businesses to get the capital they need to start-up, strengthen and grow.
It launches with the new £100m Wales Flexible Investment Fund, more micro finance available and extended lending terms. In total the Development Bank of Wales has around £440m available to invest in Welsh business.
The Wales Flexible Investment Fund will invest more and over longer periods than existing funds, offering up to £5m in a single round and repayment terms of up to 10 years.
Through the Development Bank, the Welsh Government is also trebling the amount of micro finance available from £6m to over £18m, with further funds also being developed.
With the Welsh Government’s Help to Buy – Wales scheme and private sector investment the £440m more than doubles and over the next five years, the Development Bank is targeted to have an impact of over £1bn on the Welsh Economy. As a result, it is expected to support 1,400 businesses with those businesses creating and safeguarding more than 20,000 jobs.
Economy and Infrastructure Secretary, Ken Skates recently said:
“I am delighted we have been able to quickly progress Welsh Government’ plans to establish The Development Bank of Wales.
"The bank will use Welsh Government funding to support investments that will help grow Wales’ economy both today and into the future and provide businesses with the support they need.
“As our businesses thrive and repay the loans, that money will be re-invested meaning that the capital doesn’t just help businesses succeed now, it funds the next generation of Welsh success stories too.”
Giles Thorley, Chief Executive of the Development Bank of Wales recently said:
“Ninety-nine % of all businesses across Wales are micro to medium size. They account for 60% of all private sector employment. As businesses face the uncertainty of Brexit, the need to provide stability and stimulate growth is more immediate than ever.
“For Welsh businesses the changes mean that there is more finance available to support them no matter what their stage of business. Micro, small and medium businesses are vital to the Welsh economy and we are proud to have worked with so many ambitious and dedicated entrepreneurs. The message to Welsh businesses is simple: get in touch. We’re here to help your business succeed.”
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