- 11/10/2021
- Posted by: Lesley Griffiths MS
- Category: News
A Wrexham-based institution that supports businesses by making it easier for them to get the finance needed to start up, strengthen and grow has been praised by Wrexham’s Member of the Senedd.
Lesley Griffiths MS hailed the impact of the Development Bank of Wales during a recent visit to its headquarters on the Wrexham Technology Park.
Set up by the Welsh Government, the support offered by the Development Bank helps Welsh businesses create or safeguard jobs, be more innovative and increase their contribution to the regional economy.
During her visit, Ms Griffiths learnt the Bank paid out almost £200m in loans in the last financial year, helping safeguard 16,000 jobs, and they’ve supported over 130 start-up companies.
The Development Bank is also overseeing the Welsh Government’s Town Centre Entrepreneurship Fund. This £3m pilot scheme is aimed at helping people who are looking to start and grow a business in one of four North Wales town centres – Bangor, Colwyn Bay, Rhyl and Wrexham.
After her visit, Wrexham MS Lesley Griffiths said: “The Development Bank is a fantastic Welsh Labour Government initiative that is moving from strength to strength. It could have been located anywhere in the country but I am proud it is based in Wrexham.
“Throughout this difficult 18 months or so, the Bank has stepped up and helped a record number of businesses and start-ups, helping protect and create jobs in the process.
“The Entrepreneurship Fund pilot is specifically aimed at breathing new life into certain North Wales towns and I was pleased a significant number of applications have come from Wrexham. With the fund open until June 2022, I hope even more local entrepreneurs will benefit in the coming months.”
The Entrepreneurship Fund is available as a discretionary grant of between £2,500 – £10,000 per business to support with the revenue costs associated with starting up or relocating to a town centre. Applications are open to new business start-ups and micro businesses trading no longer than 2 years.
