The Welsh Government has announced £21 million of new finance to help Small and Medium Enterprises (SMEs) in Wales expand and create or safeguard more than 1,800 jobs.
The money will be distributed to Welsh businesses through two Finance Wales funds and the Welsh Government’s new £5m Repayable Fund for SMEs – which offers repayable finance of between £50,000 and £500,000 to help SMEs grow and create jobs.
The Wales Micro-Business Loan Fund, which is managed by Finance Wales, will receive a £6m boost, while a new £10m Wales Technology Venture Investment Fund will allow Finance Wales to invest in innovative technology businesses.
Economy Minister Edwina Hart said: “Small businesses are the lifeblood of the Welsh economy. Over 99% of businesses in Wales are SMEs and they employ 60% of the people working in the private sector. We want to see our SMEs flourish to realise our ambitions for creating economic growth and new jobs.”