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Covid-19 Wales Business Loan Scheme update


giles thorley
Chief Executive
Published:
giles thorley and ken skates

Final figures have been published by the Development Bank of Wales today for the £100m Covid-19 Wales Business Loan Scheme (CWBLS). The fund formed part of the wider £500m Welsh Government Economic Resilience Fund and provided working capital to businesses experiencing cash flow difficulties as a result of the pandemic.

As of 30 July a total of 1,331 business accessed loan facilities of just over £92m helping to safeguard over 16,000 jobs. 

Average loan size to businesses taking up CWBLS was £68,913 with construction, manufacturing, retail and hospitality accounting for almost half of the loans awarded. Take-up was well distributed geographically with 399 companies in Mid and West Wales, 334 in North Wales and 598 in South Wales.

Giles Thorley, Chief Executive of the Development Bank of Wales said: “This has been an exceptionally tough time for small businesses across Wales who have faced enormous challenges to survive this period, protect livelihoods and safeguard jobs. The strong demand across all the government-backed loan schemes, including our own £100m Covid 19 Wales Business Loan Scheme, shows the need for cash flow support.

“As we move to reopen the economy we remain committed to supporting the small businesses community and will continue to work closely with the Welsh Government and other partners as we navigate our economic recovery and address the challenge of helping businesses across Wales restart and recover.”

Minister for Economy, Transport and North Wales Ken Skates, said: “The Development Bank of Wales has played a crucial role in helping us deal with the unprecedented pressure coronavirus has placed on our economy.

“It’s Covid-19 Wales Business Loan Scheme has seen staff working tirelessly alongside us to provide an essential lifeline to businesses with speed, efficiency and flexibility, providing just over £92m to around 1300 businesses in Wales and safeguarding thousands of jobs.

“The Bank has already added significant value to the vibrant business landscape we are fostering here in Wales, and it will be more important than ever as we aim to build back better following the impact of the pandemic and continue our work to drive inclusive growth across Wales.”

Region and unitary authority

No of companies

 Amount £’000

Mid & West Wales

399

27,248,900

Carmarthenshire

101

7,008,650

Ceredigion

32

2,018,000

Neath Port Talbot

40

3,204,500

Pembrokeshire

80

5,466,000

Powys

53

3,184,200

Swansea

93

6,367,550

North Wales

334

21,219,300

Conwy

104

5,798,500

Denbighshire

47

3,062,500

Flintshire

46

3,865,500

Gwynedd

56

3,452,000

Isle of Anglesey

40

2,441,300

Wrexham

41

2,599,500

South Wales

598

43,539,214

Blaenau Gwent

11

969,000

Bridgend

51

4,655,750

Caerphilly

63

4,087,500

Cardiff

202

14,590,665

Merthyr Tydfil

19

1,223,750

Monmouthshire

41

2,496,500

Newport

49

3,757,000

Rhondda Cynon Taff

66

6,028,000

The Vale of Glamorgan

65

3,506,949

Torfaen

31

2,224,100

Grand Total

1331

92,007,414