Welsh businesses have received a £150m boost through the launch of an investment fund by Finance Wales, the commercial arm of the Welsh Assembly Government charged with supporting SMEs.
The fund, which is being launched in conjunction with the European Investment Bank (EIB), will use money from the EIB’s Joint European Resources for Micro to Medium Enterprises (JEREMIE) project as well as a further £60m from the European Regional Development Fund through the Welsh European Funding Office (WEFO) and other sources.
The launch follows a 20% increase in investment by Finance Wales. Between April 2008 and February 2009, the government agency invested £19m in Welsh businesses, compared to £15m for the same period the previous year.
Between December last year and February, 62 companies have received a total of £7m from Finance Wales.