£171m development bank boost for small businesses
A development bank for Wales has been given the official go-ahead to help small and micro businesses get off the ground or to grow. Developed from Finance Wales, it will have a target of providing £80m a year within five years and creating 5,500 jobs annually.
EU and Welsh Government funding will kick-start the bank, aimed at micro, small start-ups and innovative firms.
The Wrexham-based bank’s running costs will be self-sustaining from next year. The Development Bank of Wales will work closely with Business Wales, the Welsh Government’s business support service.