A new £130m fund to back the growth of Welsh firms from the British Business Bank will be operational this autumn, says its chief executive. Louis Taylor, who heads up the UK’s Government economic development bank, also confirmed that a competitive tendering process for those seeking to manage what will be debt and equity pots within the fund will be launched in March.
The Welsh fund was first announced by Rishi Sunak, then as chancellor, in the 2021 Autumn Statement.
While still to be finalised, the fund is expected to have a similar profile to a new fund for the south-west of England from the British Business Bank, with micro-loans up to £100,000, another for debt funding up to £2m and then an equity investment element.
