In Business to Help in an Uncertain; SMALL AND MEDIUM ENTERPRISES Advertising Feature

Daily Post (Liverpool, England), February 20, 2002 | Go to article overview

In Business to Help in an Uncertain; SMALL AND MEDIUM ENTERPRISES Advertising Feature


A pounds 45m injection of extra investment finance will enable Finance Wales to aim for a target of assisting small Welsh firms to create 10,000 new jobs over the next five years.

Finance Wales was created some 16 months ago by the Welsh Development Agency and the National Assembly for Wales to meet a need for more flexible funding for smaller firms in Wales and to help the birth and growth of more enterprises.

The resources at its disposal were more than doubled when National Assembly First Minister Rhodri Morgan announced recently that Finance Wales would get a pounds 45m investment finance package made up of a combination of pounds 19.7m European Objective 1 funds and private sector "match-funding" of pounds 25.3m from Barclays. The new money will reinforce the pounds 35m already at the organisation's disposal.

Announcing the new funding for Finance Wales, First Minister Mr Morgan said: "Our own home-grown companies will play a key role in the development of the Welsh economy in the coming years. In the past, lack of capital for expansion has often been cited as the reason why small companies have not flourished in Wales.

"One of the Assembly's first decisions was that Wales needed this kind of development fund to back our small and medium enterprises, and so I am delighted that Finance Wales is taking shape so effectively to ensure that Welsh entrepreneurs can build successful businesses in Wales."

Finance Wales' Chief Executive Colin Mitten said: "Finance Wales, which is a wholly owned subsidiary of the Welsh Development Agency, will aim to invest in some 4,000 new or expanding ventures across the whole of Wales in many different markets. …

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