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Greater Manchester Chamber of Commerce
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LAUNCH OF THE £136 MILLION WALES BUSINESS FUND

Managed by Finance Wales, the Wales Business Fund supports businesses in Wales looking to start-up or grow by providing finance through loans and equity investments.

The programme has a total budget of £136 Million.

The new fund supports SMEs based in Wales or willing to relocate. It can:
•provide business loans and equity packages from £50,000 up to £2 million;
•back start-ups, established SMEs and start-up/early stage tech ventures; and
•support businesses across a wide range of sectors.

The scheme forms part of a pro-business package, announced by Economy Secretary, Ken Skates. It will be complemented by the establishment of the Development Bank for Wales which will ensure improved access to finance for SMEs and significantly drive up investment in Welsh business.

The Economy Secretary announced that work to establish the Development Bank was progressing well and that the Welsh Government had received and was evaluating a detailed business case with a view to the Development Bank being up and running by the second quarter of 2017/18.
Established SMEs and start-up/early stage tech ventures in Wales may apply. Assistance may be sought at any time.

Ken Skates said:
“I am committed to creating a fair and prosperous economy that benefits everyone in Wales – and that means increased support for our businesses.
“The Wales Business Fund will mean Welsh SMEs can collectively access up to £136m of financial support over the next seven years, ensuring they are well placed not only to develop their home markets but also to compete internationally.
“This support will be complemented by the establishment of the Development Bank for Wales which will further support Welsh businesses to access finance and ultimately help us to safeguard and create jobs right across Wales.”

Giles Thorley, CEO of Finance Wales added:
“The launch of the Wales Business Fund and the exciting progress that’s being made with plans for the Development Bank for Wales is a significant boost to the Welsh economy. Our new fund, part of more than £700m of funds managed by the Finance Wales Group, offers flexible investments to Welsh small and medium-sized enterprises (SMEs). SMEs are the lifeblood of the Welsh economy and we’re proud to support them.
“Funding remains available for Welsh businesses, despite the recent Brexit vote. EU structural and investment fund projects – like the Wales Business Fund – which have been approved prior to this year’s autumn statement are guaranteed funding.”
Further information can be accessed at the Finance Wales website

Source: Welsh Government, 23/09/2016

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