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£21million Finance Package to Expand SMEs in Wales

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The Welsh Government has now made funds of almost £100m available to Finance Wales since 2012

Welsh Government has announced an extra £6 million boost for the Micro-business Loan Fund as well as a new £10m Wales Technology Venture Investment Fund.

The Wales Micro-Business Loan Fund, which is managed by Finance Wales, will receive a £6million boost, while a new £10million Wales Technology Venture Investment Fund will allow Finance Wales to invest in innovative technology businesses.

Since its launch in 2012, the Wales Micro-Business Loan Fund, which provides finance of between £1,000 and £50,000 for micro-businesses in a range of sectors, has invested over £5m in nearly 200 companies leading to the creation and safeguarding of over a thousand jobs.

The additional £6m will help businesses create or safeguard a further 1,000 plus jobs and attract an additional £3.6m in investment.

The Wales Technology Venture Investment Fund is providing funding for innovative technology businesses – already based in, or locating to Wales – with the ambition and potential to become international market leaders. The fund aims to attract an additional £20m in private finance, leading to the creation and safeguarding of at least 300 jobs.

Welcoming the Welsh Government’s announcement, Gareth Bullock, Chairman of Finance Wales said

“This announcement is welcome news as it clearly demonstrates the Welsh Government’s commitment to ensuring Welsh SMEs have access to the growth finance they need. The Welsh Government has now made funds of almost £100m available to Finance Wales since 2012 to help Welsh SMEs with a range of funding requirements.

“Micro-businesses and innovative technology businesses play a crucial role in the Welsh economy and with a £6m boost for the Wales Micro-business Loan Fund and an additional £10m for innovative Welsh technology businesses, Finance Wales can provide these businesses with the backing they need to make an even greater long-term impact.”

For more information contact [email protected]