The Chancellor is expected to announce a new £130 million fund to help thousands of small and medium-sized enterprises in Wales at this week’s budget.
The fund will be delivered through the British Business Bank and will help Welsh firms to invest and grow.
It will build on the success of existing funds in other parts of the UK, which have created high-paying, high productivity jobs and the upskilling of existing workforces.
Similar existing funds in England and Northern Ireland typically provide loans or invest in local companies such as start-ups looking to borrow smaller amounts to kickstart activity or established firms looking for larger investments to grow their business.
Commenting on this announcement, Shadow Minister for Finance Peter Fox MS, said:
“Businesses all over Wales have adapted and delivered for communities in difficult circumstances over the pandemic. As we look to the future, the British Government is continuing to support small businesses in Wales to help them bounce back stronger than before.
“The British Government’s priority is getting people back into work, helping businesses thrive and delivering a strong economic recovery for Wales and the rest of the United Kingdom.
“More security and trade for businesses means greater prosperity and more jobs on the market in Wales and it’s now time businesses also get the support they need from the Labour Government in Cardiff Bay – which is responsible for economic development – as we move past the pandemic and aim for a reinvigorated, high wage, high growth economy.”
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