Wales Business Fund

Launched in 2016 at an initial fund size of £136 million, the fund was increased significantly during its lifetime in response to changes in the market and evidence of strong demand. 

Managed by the Development Bank of Wales, the fund provided loans and equity investments for deals between £50,000 and £5 million for small and medium-sized businesses based in Wales, or relocating to Wales. With terms ranging from one to seven years, businesses were able to access patient capital to support their growth plans. 

The fund was successful in driving economic growth across all parts of Wales as well as helping to boost Wales’ profile as a place where businesses can secure investment. 

Businesses across their growth journey from start-ups to established businesses as well as early stage tech ventures have benefited from investment. 

Key statistics for the fund

Final evaluation of the Wales Business Fund

This executive summary sets out the findings of the final evaluation of the Wales Business Fund. The final evaluation was undertaken by consultants, Hatch, over the period February to December 2023. 

 The evaluation was informed by: 

• a review of the Wales Business Fund’s monitoring reports and management documents 
• analysis of investment, financial and economic data for the Wales Business Fund 
• consultations with representatives from the Development Bank, Welsh Government, the Welsh European Funding Office, financial intermediaries and business representative organisations 
• desk-based analysis of economic and market conditions in Wales 
• a counterfactual impact evaluation to provide an assessment of the net economic impact and value for money of the Fund.

Final evaluation of the Wales Business Fund

Mid-term evaluation of the Wales Business Fund