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North Wales SMEs Get Financing Boost

by Jamie Adrankone

North Wales SMEs Get Financing Boost

Small and medium-sized enterprises (SMEs) in North Wales could be in a position to receive financial help thanks to the announcement that the Development Bank of Wales is locating its headquarters in Wrexham.

Wales Online revealed that the organisation aims to invest up to £1 billion in growth-focused SMEs over the coming five years.

The Development Bank of Wales is an evolution of the current Welsh government-owned investment bank Finance Wales, which is headquartered in Cardiff.

It isn’t only the location of the organisation that will be changing, as the new institution will have a wider remit for lending to businesses in the country.

Welsh government economy secretary Ken Skates revealed that two sites in Wrexham are currently under consideration for the new offices.

“Having the bank in North Wales will mean it is ideally located to make the most of the huge opportunities associated with the growth of the cross-border Financial and Professional Services sector,” he told the news provider.

Chief executive of Finance Wales Giles Thorley pointed out that the organisation had an impact of £26.6 million across 43 businesses in the country in 2016, but added that they shouldn’t get complacent and stressed the need for the new bank to have a “strong presence” in every region in Wales.

One sector that appears to be performing well in the north of the country is the food industry. Last month saw a number of businesses from North Wales feature in the Food Awards Wales shortlist.

If you’re looking for storage in Wrexham for your business, contact us at Lock Stock Self Storage today to find out how we could help.

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