Giles Thorley

Development Bank of Wales launches £100m Covid-19 business loan scheme

The Development Bank of Wales has set up a £100m fund to support businesses in Wales affected by Covid-19, in cooperation with the Welsh government.

Limited companies, sole-traders and partnerships trading for longer than two years will be able to access the loans.

Businesses can loan up to £250,000 fixed at 2% with an interest and capital repayment holiday for first 12 months.

There will be no arrangement or monitoring fees.

Minister for economy, transport and North Wales, Ken Skates, stated that the £100m loan scheme was vital for companies who had experienced cash flow problems due to the pandemic.

Each business can make one loan application and will have to prove serviceability.

Applications can be made online via the Development Bank of Wales’s website.

Giles Thorley, chief executive at the Development Bank of Wales (pictured above), said: “Covid-19 is seriously impacting the lives of every individual in the country and damaging our prospects.

“We must do all that we can to protect our small- and medium-sized businesses who are the lifeblood of our economy in Wales.”

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