Budget: £130m for small businesses in Wales expected

A NEW fund of £130 million in support for small businesses in Wales is expected to be announced in Rishi Sunak’s budget this week.

The Chancellor is expected to announce a new, £130 million fund to help thousands of small and medium sized enterprises in Wales.

The fund will be delivered through the British Business Bank.

The Treasury say the new fund will “build on the success of existing funds in other parts of the UK”.

Similar existing funds in England and Northern Ireland typically provide loans or invest in local companies – this can be recent start-ups looking to borrow smaller amounts to kickstart activity or established SMEs looking for larger investments to grow their business.

Details on how businesses in Wales can access the fund will, according to the Treasury, be outlined in due course.

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Mr Sunak said: “Business over Wales have delivered for communities in incredibly difficult circumstances over the pandemic. As we look to the future we’re continuing to back small businesses in Wales to help them grow and succeed.”

Since the start of the pandemic the UK Government has spent £352 billion on support.

In addition to the £130 million for Wales, Scotland will receive £150 million for a new fund and the British Business Bank will receive an additional £70 million to build on existing programmes in Northern Ireland.

South Wales Argus | Business