The new bank will be tasked with providing more than £1 billion of investment support to Welsh business over the next five years and will ensure micro to medium businesses in Wales have improved access to finance, support services and management advice.
The Development Bank aims to create and safeguard over 5,500 jobs a year by 2022 and will be tasked with increasing annual direct investment to £80m by that date. It will provide support to micro and small businesses, startups and entrepreneurial businesses where the business model is not proven helping them access innovative sources of funding such as crowd funding.
The Bank will build on the experience of Finance Wales which invested over £45m during 2015/16 in Welsh businesses. This resulted in almost £65m additional investment being leveraged, and saw over £110m growth capital being injected into the Welsh economy.