£34 million boost for growing Welsh small and medium-sized businesses in first six months of 2015 -16 financial year
The combined investments of a range of private-sector funders and Finance Wales provided Welsh businesses with a £34 million growth capital boost in the first 6 months of the 2015-16 financial year.
70 Welsh micro, small and medium-sized businesses (SMEs) benefitted from investments totalling £17.8 million from Finance Wales and £16.2 million from banks and other private-sector funders.
An additional 696 jobs were created and 529 safeguarded in Wales between April and September, 2015.
Having launched over £80 million of Welsh Government funds since 2012, more Welsh SMEs are benefiting from the most comprehensive source of short and long-term funding options ever available from Finance Wales.
By the end of September 2015, Finance Wales had invested £7.1 million from its most recently launched Welsh Government funds, the Wales Capital Growth and Wales Technology Seed Funds, helping Welsh SMEs create and safeguard over 403 jobs.
30 Welsh businesses benefitted from micro loans totalling £1.2 million in the first half of this financial year.
In May Business Wales, NatWest and Finance Wales joined forces to launch a pilot referral scheme to increase access to funding and support. Businesses up to two years old that do not meet the requirements for loans and other funding are referred to Business Wales to improve their chances of securing funding.
The impact of investments from the Wales JEREMIE Fund were reaccredited in July by Business in the Community (BITC) Cymru for engaging, supporting and doing business with SMEs to drive local economic growth. Since its 2009 launch, the Wales JEREMIE Fund has so far helped 600 Welsh SMEs create and safeguard 10,985 jobs.
Businesses in Finance Wales’ portfolio also continued to go from strength to strength, with the Wales Environmental Group expanding its UK presence while SmartKem strengthened its foothold in Asia.
Having won the National Best for Innovation award at the 2015 British Private Equity & Venture Capital Association (BVCA) Management Team Awards in June, Creo Medical then went on to secure additional funding totalling $8.45 million in September.
Nemesis Bioscience and Jellagen both secured UK smart funding awards to develop their products.
Gareth Bullock, who became Finance Wales’ Chairman on 1st October said:
“I’m pleased that Welsh SMEs are going for growth and increasing their impact on the economy with the backing of the collaborative public-private approach on offer in Wales.
“SMEs will continue to power the Welsh economy in future and they’ll need access to the right funding and support. We’re recruiting a new Chief Executive to drive forward Finance Wales’ strategy and ensure we give Welsh SMEs the best chance to grow.”
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