Posted on 26 June 2013
More needs to be done to remove the barriers faced by businesses in Wales trying to access bank finance, according to an independent review published yesterday.
Earlier this year, Economy Minister Edwina Hart appointed Professor Dylan Jones-Evans to review the availability of financing for Small and Medium Sized Enterprises (SMEs) in Wales. Yesterday she published the findings from stage one of the review.
In a statement to Assembly Members, Mrs Hart said:
“The Report contains a number of recommendations on how bank lending to SMEs can be improved and possible interventions that the Welsh Government could make in supporting this.
I would like to thank Professor Dylan Jones-Evans and the advisory group for this comprehensive report which will help inform how the Welsh Government can best support SMEs to access finance.”
Professor Jones-Evans will now work on stage two of the review looking at other sources of financing available to SMEs. This will include looking at micro-lending, government sources, equity investment, availability of trade credit and alternative sources of funding such as peer-to-peer lending and crowd-funding.
Professor Jones-Evans said:
“I hope a number of the initial recommendations will enable the Welsh Government to work with and encourage the high street banks to break down some of these barriers. I look forward to working on the second stage and find some of the solutions needed to get capital flowing into Welsh businesses.”
The Access to Finance Review Stage 1 Report can be found on the Welsh Government’s Website
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A full press release can be found on the Welsh Government’s Website