Supported by Welsh Government, the Development Bank of Wales has announced that it has reached a significant milestone with £1 billion invested in equity, debt, and property since 2017. £323.4 million of this funding has gone to 1,399 businesses in Mid and West Wales - including two in Pembrokeshire, who have shared the importance of the support they’ve received.

The £1 billion investment has supported 51,089 jobs and generated £5.8 billion in jobs-based GVA – an almost sixfold return in economic value. The Development Bank's contribution to the nation's economy has unlocked a further £636 million in private sector co-finance, amplifying its overall impact.

In total, 4,699 different businesses throughout Wales have benefitted from 5,184 investments by the Development Bank since 2017. This includes £89 million for 292 innovative tech ventures, and £275 million for Welsh property developers to build 2,302 new homes.

For example, Pembrokeshire-based Barti received a £200,000 investment from the Development Bank of Wales and a loan of £27,000 from Pembrokeshire Lottery to scale up production. The loan for Barti came from the £500 million Wales Flexible Investment Fund.

Barti director Jonathan Williams, who was once called the ‘crazy seaweed man’ by TV Chef James Martin, said: “This is the golden quarter for our industry, so it was important that we had the working capital required to purchase the stock needed to fulfil the increasing demand from Tesco and Co-op customers.

“We are also excited to be developing some new products as well as exploring export opportunities for our product range.”

The company Wild Lakes, based in Narberth, made the switch to solar power, following a £40,700 loan from the Development Bank of Wales, via the Welsh Government-backed Green Business Loan Scheme.

Mark Harris, co-founder at Wild Lakes, said: “As an outdoor business in one of Wales’ most impressive natural environments, our environmental impact is at the forefront of everything we do and we want to take every step we can to minimise our energy consumption and our carbon footprint.

“We know that this is something that’s also really important to our customers, who love the environment we have here and want to work with businesses and attractions who are working hard to preserve it.

“The support we had from the Development Bank of Wales meant we were able to switch from older forms of power to new, cleaner energy, and gives us the infrastructure we need to make similar improvements in future.”

Rebecca Evans, the Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development.”

Wales’ First Minister Eluned Morgan said: “The Development Bank is part of the support we offer for companies that want to expand and innovate. Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December."