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Development Bank of Wales Launches with £100 Million Fund

Published: 20 October 2017 by KTN
  • SME
Development Bank of Wales Launches with £100 Million Wales Flexible Investment Fund Conceived by the Welsh Government, the new Development Bank of Wales has been established to make it easier for businesses to obtain the capital they need to start-up, strengthen and grow their operations. The Bank has launched with a new £100 million Wales Flexible Investment Fund, additional micro finance available and extended lending terms. In total, the Development Bank of Wales has around £440 million to invest in Welsh business. The Wales Flexible Investment Fund will invest more and over longer periods than existing funds, offering up to £5 million in a single round and repayment terms of up to 10 years. Offering loans and equity investments, the Development Bank will offer a wide range of investments, from £1,000 up to £5 million. Through the Development Bank, the Welsh Government is also trebling the amount of micro finance available from £6 million to over £18 million, with further funds also being developed. With the Welsh Government’s Help to Buy – Wales scheme and private sector investment, the £440 million more than doubles and over the next five years and the Development Bank is targeted to have an impact of over £1 billion on the Welsh Economy. As a result, it is expected to support 1,400 businesses with those businesses creating and safeguarding more than 20,000 jobs. Launching the new Bank, 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. The bank will use Welsh Government funding to support investments that will help grow Wales’ economy both today and into the future and provide businesses with the support they need. “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.” Businesses across Wales can find out if they are eligible online at developmentbank.wales (http://www.developmentbank.wales/) With over 40 executives across Wales, businesses will be matched with a dedicated, local representative.
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