£130m Fund for Growth of Welsh Businesses Announced
Wednesday’s Autumn Budget announced news that Wales is set to receive a £130m fund to back growth of Welsh SMEs via a British Business Bank fund for Wales, timely in light of pandemic challenges.
It’s hoped this fund will stimulate growth alongside packages for Welsh businesses by Development Bank of Wales and local stakeholders. Rishi Sunak also announced a £150m fund to support regional (including Wales) angel finance and resources for 33,000 UK start-up loans over the next 3 years.
Other announcements by the Chancellor in his autumn budget speech included £121m for ten signed projects in Wales under the Levelling Up Fund, such as revitalising Pontcysyllte Aqueduct, dualling of A4119 in South Wales and redeveloping Theatr Brycheiniog Arts Centre in Brecon.
It’s still not known how EU Structural Funds will be replaced, or how the budget meets all elements of the Welsh community. Details of when the £130m fund is to start are to follow.
If you need help putting together an investment plan, sourcing funding, or assessing budget impact, don’t hesitate to contact our team. We’ve also produced a Summary Autumn Budget (download) covering key points and how they might impact you. Let’s Talk.