Development Bank of Wales Loan Scheme fully subscribed in first week

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The latest £100 million scheme was launched by the First Minister on March 30, as part of the Welsh Government’s £500 million Economic Resilience Fund to support businesses in handling with COVID-19 outbreak.

The first loans were approved within three days of the fund launch, with the first of these loans reaching applicants by the end of last week.

The Development Bank, which manages the scheme, are ensuring approved funds reach businesses as quickly as possible so support can get to those businesses facing unprecedented cash flow challenges as a result of COVID-19.

The Welsh Government is now calling on the Chancellor to “respond and learn” from the success of the scheme and to provide additional funding to support businesses across Wales.