Supported by the Welsh Government, the Development Bank of Wales has announced that it has reached a significant milestone with £1 billion invested in equity, debt, and property since 2017.
£323.4 million of this funding has gone to 1,399 businesses in Mid and West Wales, unlocking a further £143.2 million in private sector co-finance.
The £1 billion investment has supported 51,089 jobs and generated £5.8 billion in jobs-based GVA – an almost sixfold return in economic value. The Development Bank’s contribution to the nation’s economy has unlocked a further £636 million in private sector co-finance, amplifying its overall impact.
In total, 4,699 different businesses throughout Wales have benefitted from 5,184 investments by the Development Bank since 2017. This includes £89 million for 292 innovative tech ventures, and £275 million for Welsh property developers to build 2,302 new homes.
Local companies to benefit include two investments totalling £4.68 million for the development of 44 new homes in Newtown, Powys. The funding helped Primesave Homes to progress phases one and two of Oaks Meadow in the village of Sarn, on the A489 between Newtown and Churchstoke.
Rebecca Evans, the Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “If companies are to grow, it’s vital they can access finance. Since we set up the Development Bank in 2017, it has acted as a social impact investor, making sure its investments support our priorities, from encouraging entrepreneurship to building a greener economy.
“Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development. By securing 50,000 jobs, the Bank shows how targeted investment can open up opportunities and support inclusive communities across Wales.”
First Minister Eluned Morgan said: “The Development Bank is part of the support we offer for companies that want to expand and innovate. Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December.”
Since its establishment, the Development Bank has supported businesses across growth stages including 3,675 businesses with £428 million in growth funding, as well as fuelling Welsh entrepreneurship, with 787 start-ups receiving £61 million in support. It has also funded 341 succession deals, worth £138 million, which has helped to keep established businesses in Wales. There have then been 30 successful exits that have generated over £31 million during the period.
Keri Negron-Jennings, Director of Primesave, said: “The Development Bank has a different approach to many of the high street banks; they’ve got a vested interest in supporting economic and social growth throughout Wales so understand the bigger picture. We also really appreciate their flexibility.”
Hon. Group Captain Sally Bridgeland FIA, Chair of the Development Bank, said: “Our investments have supported thousands of businesses at every stage of their growth journey — driving productivity, innovation, and job creation.
“With teams embedded across Wales, we take a relationship-driven approach that contrasts with the more transactional nature of traditional finance. These results demonstrate the power of sustainable capital to deliver long-term economic value; bringing ambitions to life and delivering economic benefits for people, businesses and communities across the whole of Wales.”
Giles Thorley, Chief Executive of the Development Bank, added: “As we approach the Wales Investment Summit, this milestone reflects the transformative impact of our work since 2017.
“I’m incredibly proud of the footprint we’ve built, reaching every part of Wales. This achievement is a testament to the hard work and ambition of the businesses and entrepreneurs we’ve supported and their drive and ambition. I also want to recognise the dedication of my colleagues, whose personal commitment continues to deliver real impact in communities across the nation.
“By leveraging £636 million in private co-investment and deploying recyclable funds, we’re building a legacy of growth and resilience for future generations. £1 billion invested in Welsh businesses is £1 billion driving Wales forward—fuelling ambition, powering innovation, and unlocking opportunity in every town and city across our nation.”
