PEER-TO-PEER business lender Growth Street has pledged to inject £20m into Welsh businesses over the next 12 months.
The platform is targeting key sectors of the UK such as manufacturing, wholesale and professional services as well as regions where it believes small-and medium-sized enterprises (SMEs) are underserved.
Last year it separately pledged to channel £50m to SMEs in the Midlands.
“Welsh businesses have long been at the centre of industry in the UK,” Greg Carter (pictured), chief executive of Growth Street, said.
“We already work with amazing Welsh businesses who are ambitious and excited about the future. By channelling this investment into Wales, we want to try and help SMEs all over the country fulfil their potential.
“Growing UK SMEs aren’t always understood by traditional finance providers. We believe that more than ever, businesses need a finance provider that gets them, partnering for the long term and helping them take advantage of opportunities as they expand.”
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The move was backed by the Welsh Chambers of Commerce.
“Not only is Growth Street’s commitment a sign of confidence in the Welsh economy, it reinforces Wales’ status as a developing powerhouse for ambitious, growing businesses,” Harri Lloyd-Davies, president of the South & Mid Wales Chambers of Commerce, said.
“We believe that for Welsh industries to thrive in the coming years, businesses need to work with funding providers that really understand them. Growth Street’s injection of capital could help give growing Welsh businesses the tools they need to grow and flourish.”