In a report published today by an independent panel set up by the Welsh Assembly Government, it has been recommended that a Development Bank needs to be established to fill the funding gap for small businesses in Wales.
Professor Dylan Jones-Evans from the University of the West of England led the group who examined concerns that SME’s were not able to borrow the money needed to expand, saying there was a ‘market failure’ in available finance for businesses. Reports show there is a £500 million gap in what businesses want to borrow and what banks are willing to lend.
The Development Bank would bring together loans, grants and business advice all under one roof. Affordable funding could at last be available and would have a significant impact on small businesses in Wales.
Read more at http://www.bbc.co.uk/news/uk-wales-31798509