When businesses thrive so do economies. In Wales, 99% of its 250,000 businesses are either SMEs or micro-businesses employing fewer than nine people. Easy access to finance is key for these businesses, whether they are looking to start up, strengthen or grow.
Because of this, the Welsh Government has recently launched the Development Bank of Wales. It’s the first of its kind in the UK and has been set up to make it easier for businesses in Wales to access the finance they need to succeed. So what can your business expect?
More money available - The development bank is forecast to invest more than £400 million directly into Welsh businesses by 2021/22. In addition, it will treble the level of micro finance (loans up to £50,000) available over the next five years.
Flexible packages tailored to your needs - Flexible packages are available from £1,000 up to £5 million with both loans and equity provided. This means finance can be tailored to the individual needs of your business rather than a ‘one size fits all’ approach.
Support across sectors and different growth stages - The development bank isn’t restricted by sector. It supports a wide range of industries and sectors and even has specialist sector teams in tech and property. It is also able to support businesses at each growth stages including starting up, growing and buying a business.
The personal approach businesses want - The development bank has over 45 local representatives in the field visiting businesses every day. It has regional offices based in Cardiff, Llanelli, Newtown and St Asaph and offers dedicated ongoing support to all of its customers.
A positive impact on Wales - Funded by the Welsh Government, the investments the Development Bank of Wales need to be good for Wales, boosting job growth in the economy and strengthening local communities. It also manages a number of recyclable funds. This means the money that comes back in is re-invested, helping the next generations of Welsh success stories.