Development Bank punching above its weight in Wrexham, says Ken Skates

Clwyd South MS Ken Skates has described the Development Bank of Wales as punching above its weight after a visit to its headquarters in Wrexham.

Mr Skates led the creation of the UK’s first regional development bank during his time as Welsh Government Economy Minister. He visited last week to catch up with Executive Director Neil Maguinness and his team and hear how they are continuing to support Welsh businesses.

Mr Skates said: “Through Covid and beyond, the Development Bank has supported a huge number of businesses in our region. In fact, it has helped a disproportionate number of micro and small businesses in Wrexham and across North Wales since its creation.

“This is in no doubt due to the fact that the bank was headquartered in Wrexham rather than Cardiff, with dozens of financial experts offering a variety of financial products to employers.”

He added: “The Development Bank of Wales continues to grow and the staff at the Wrexham HQ are simply phenomenal in the way they support local businesses. With the existence of the headquarters here in Wrexham we also have a major financial institution to attract in other businesses in the financial and services sector to Wrexham.”

The Development Bank is based in the old Moneypenny offices on Wrexham Industrial Estate. It was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow.

It can offer loans of £1,000-£10m and equity investment from £50,000-£10m for established businesses and co-invests alongside banks, crowd funders, grants, investors and other lenders.