Debt and equity funding totalling £152 million from the Development Bank of Wales helped 502 businesses to create and safeguard 6,185 jobs across Wales during 2024/25. 82% of these businesses were classed as micro.
The record figures have been released today (Wednesday 28 May 2025) by the Development Bank of Wales for the period from 1 April 2024 to 31 March 2025. It brings the total amount invested in SME businesses and property developers by the Development Bank since its launch in 2017 to £958 million.
With core objectives to facilitate an entrepreneurial culture, support financial inclusion and prioritise social impact, the Development Bank has £2 billion in funds under management and a portfolio of more than 3,600 small business customers. Highlights of 2024/25 include:
- Private sector co-investment increasing from £50.1 million in 2023/24 to £64 million in 2024/25
- A 26% increase in funding for the property sector to £48 million in 2024/25
- Five successful exits in 2024/25 totalling £7.4 million
- Deals ranging from loans of £2,000 to £17.5 million with the average deal size growing from £255,000 in 2023/24 to £272,000 in 2024/25
- 28 businesses benefited from £7.9 million from the British Business Bank’s Investment Fund for Wales that is managed by FW Capital, leveraging £1.1 million private sector co-investment and creating or safeguarding 577 jobs.
As a public finance institution owned by the Welsh Government, the Development Bank provides loans and equity for Welsh businesses, people and communities in support of the Government’s wider policy objectives including the transition to a low-carbon economy and the development of new homes and commercial property.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning said:
“The Development Bank is a unique resource for Wales – promoting innovation, increasing prosperity, and supporting the transition to a sustainable economy.
“These impressive results show that the Development Bank is delivering for the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow.”
Sally Bridgeland FIA took over as the new Chair of the Development Bank of Wales in September 2024. She said: “Boosting growth and unlocking investment by increasing the supply of debt and equity finance for SMEs is what underpins the long-term sustainability of any economy.
“The Development Bank is an organisation delivering long-lasting, positive change. Together, we’re proud of what has been achieved in the last year and all that we’re doing to support the aspirations of the Welsh Government and the people of Wales, creating opportunity, providing value for money for public funds and collaborating with others to increase investment in Wales.”
Giles Thorley is Chief Executive of the Development Bank. He said: “2024/25 has been a positive year with more funding for more businesses than ever before. Indeed, we’ve seen strong demand for both debt and equity funding throughout Wales and the Investment Fund for Wales has performed particularly well, helping to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses. We are grateful for the continued support of the Welsh Government and the British Business Bank to make this level of investment possible.
“With teams based on the ground in communities throughout Wales, we’re working across a broad range of sectors including those that offer the highest growth opportunities. From tourism and hospitality to life-sciences and defence, it’s all about making sure that businesses based in Wales or relocating here can access the funding that they need to start-up, scale-up, adopt new technologies and create employment opportunities.”
A detailed analysis of the financial statements for the Development Bank of Wales will be published in the 2024/25 annual report later this year.
