Impact Of Development Bank Of Wales Revealed

by Jamie Adrankone

Impact Of Development Bank Of Wales Revealed

Since opening its headquarters in Wrexham in 2017, the Development Bank of Wales has provided support to 344 Welsh businesses.

In total, it’s invested £72 million across these firms in the past year, which has resulted in a further £84 million in private investment

The amount invested by the bank is 24 per cent higher than the amount invested by its predecessor Finance Wales in its final year of operation. According to the organisation, it’s had an economic impact of £156 million on the Welsh economy in the past year.

Giles Thornley, chief executive of the Development Bank of Wales, said that the organisation had made “good progress” in its first year of operation and that it is “making Wales an attractive place for micro to medium businesses to raise the capital they need to get started, strengthen and grow”.

One of the businesses to benefit from funding is Homestead Day Nursery in Wrexham. Since receiving financial support from the bank, the nursery has been able to expand its capacity by 27 per cent, and has developed its forest school site.

Co-owner Kim Jones explained that the funding was crucial to being able to grow the business. “Without it we wouldn’t have been able to purchase the freehold on our business,” she explained.

Wrexham-based businesses have been in the news for a host of positive reasons recently. Splash Community Trust, which took on the running of Wrexham’s leisure centre, picked up the Welsh Social Enterprise of the Year award at the Social Business Wales Awards last month.

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