An update on our funding

Who and what do we fund? It’s a question that we often get asked.

As a development bank, our remit is to fund businesses that we think will benefit the economy and people of Wales.

Working across a broad range of sectors including those that offer the highest growth opportunities, we invest on commercial terms with our investment decisions being based on both financial and social returns. We do not support any business that is not based in Wales or relocating here, has significant environmental impact or is directly operating in a sector that is ethically or morally controversial.

For clarity, the terms of our historical EU funding did mean that we used to exclude funding for the manufacture of arms, but this restriction was removed in 2024. Our lending criteria has therefore been updated accordingly. Meanwhile, we continue to support the wider defence industry as a vital sector that contributes significantly to our economy with a supply chain that ranges from training and technology to the manufacture of clothing. In fact, we have recently supported at least nine companies involved in the sector with debt and equity funding of £11 million. This includes a significant seven figure investment that part-funded the management buy-out of Wrexham-based Riva UK, a successful textile manufacturing business that supplies the automotive, aerospace, industrial and defence industries.

From tourism and hospitality to life-sciences and defence, our purpose is to make sure that Welsh businesses can access the funding that they need to start-up, scale-up, adopt new technologies and create employment opportunities. We’re proud of the work that we do and the difference that we’re making, and we always welcome a conversation with anyone who is interested in hearing more. You can contact us here.