Successful Lending Activities Reported by Development Bank of Wales

The Development Bank of Wales has recently announced its strong lending activity, revealing that over 200 Welsh businesses have benefited from a £51m investment in the first half of the current financial year. As a wholly-owned entity of the Welsh Government, the development bank made 239 investments in the first six months of its 2023-24 financial year, resulting in a total economic impact of £77.7m and the creation or safeguarding of 1,718 jobs.

In addition, 48 investments were made in start-up firms, with 47 going to young entrepreneurs aged 30 and under. The bank’s investment activity has primarily focused on businesses outside the Cardiff area, with West Wales and the Valleys benefitting from £13.8m through its EU-backed £216m Wales Business Fund.

Giles Thorley, the bank’s Chief Executive, emphasized the importance of long-term investment and sustainable growth, particularly in the face of economic uncertainty. “Our role is to support Welsh business with an ongoing supply of debt and equity finance to enable economic growth while creating a positive social impact,” he stated.

Mr. Thorley also highlighted the impact of operational costs, supply chain delays, and competition for skills and talent on businesses, emphasizing the need for timely investments to support their sustainability. He expressed encouragement at the bank’s performance in the first half of the current financial year, particularly noting the success of the new Green Business Loan Scheme and the strong interest from Welsh businesses in transitioning to net zero.

Looking ahead, the development bank remains committed to focusing on society and financial inclusion to continue making a real difference throughout Wales.

The successful lending activities of the Development Bank of Wales underscore its essential role in supporting Welsh businesses and fostering economic growth across the country. As the bank continues to strategically invest in the future of Welsh enterprises, it remains dedicated to creating a positive and lasting impact on the economic landscape of Wales.