The Development Bank of Wales has officially opened today (Wednesday October 17, 2017), aiming to 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.
Economy and Infrastructure Secretary, Ken Skates said: “I am delighted we have been able to quickly progress Welsh Government’ plans to establish The Development Bank of Wales.
“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 said: “99% 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”
Local businesses can find out if they are eligible online at www.developmentbank.wales With over 40 executives across Wales, you’ll be matched with a dedicated, local representative who understands your business needs.
Economy and Infrastructure Secretary, Ken Skates, is pictured launching the Development Bank with a visit toi Homestead Children’s Day Nursery.