Finance Wales (2)

Finance Wales is looking to support growth-focused small and medium-sized enterprises (SMEs) in Wales with a new £136 million funding package.

The organisation will manage the Wales Business Fund, which is being financed by Welsh Government and the European Union.

Finance Wales chief executive, Giles Thorley, said: “I’m pleased Finance Wales continues to play a supportive role in the Welsh economy.

"In the last financial year our investments, combined with those of the funders we work with, protected the Welsh economy and filled a gap in Welsh SMEs’ short and long-term growth capital requirements of over £110m."

Last year, Finance Wales provided £110.5m worth of funding to 185 businesses across 201 deals. That funding helped to create or safeguard over 3,000 jobs, more than double its target.

Mr Thorley added: “The impact of these investments can be felt across Wales, backing established businesses, encouraging entrepreneurial new businesses as well as attracting businesses to Wales.

“Despite a sometimes volatile stock market and the falling price of commodities such as oil and gas, Welsh businesses are succeeding.

"While global economic uncertainty has meant that many companies have been reluctant to grow we have seen renewed confidence in the SME market in the last quarter.

"Through our funds we’re in a position to help new and established businesses to grow and strengthen their market positions.”