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The Need for Long-term Investment and Sustainable Growth

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Business News Wales editor Mark Powney interviewed Giles Thorley, Chief Executive of the Development Bank of Wales about the recently announced half-year results and the plans and priorities ahead for the bank in 2024.

More than 200 Welsh businesses have benefitted from 239 investments totalling £51 million from the Development Bank of Wales in the first half year of 2023/24 with private co-investment of an extra £26.6 million taking total economic impact to £77.7 million.

The latest data shows 1,718 jobs have been created or safeguarded. 30% of customers have benefitted from streamlined fast track loans allowing businesses to take advantage of growth opportunities such as investing in more stock or new equipment. 48 of the investments year to date have been for start-ups and 47 have gone to young entrepreneurs aged 30 and under as the Development Bank continues to focus on supporting an entrepreneurial culture in Wales.

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The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at www.developmentbank.wales to find out more.
 

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