Businesses in north Wales have experienced a huge surge in investment over the last year, with £15 million being ploughed into 65 firms across the region in 2017.
Earlier this week, the Development Bank of Wales revealed three times the amount of investment was provided for firms in the region, including family-run business Ashbrook (Bangor) Limited.
This plant, access and agricultural equipment hire firm was loaned a £2.7 million investment from the development bank last year, which it needed to expand their current premises.
Economy secretary Ken Skates said: “I am delighted that businesses across north Wales are prosperous and growing as a result of support from the Development Bank of Wales.”
He added that a new Economic Action Plan focuses on boosting regional economies, and this investment in north Wales is a “great example of how we are working to achieve this”.
Regional Manager for the development bank Rhodri Evans stated that the financial institution hopes to help the business community by providing local businesses with simple and quick access to finance.
Indeed, an online application process was improved last year, making it easier for businesses to apply for micro loans worth £1,000 to £10,000 if they have been trading for more than two years.
Last month, the Development Bank of Wales unveiled its new headquarters in Wrexham to accommodate its growing workforce as the organisation has doubled in size over the last year.
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