Welsh government announces £10 million property fund | 3 June 2013
The Welsh government has released details of its new £10 million funding pot to help get building projects off the ground, financewales.co.uk reports.
Named the ‘Property Development Fund’, the scheme will be open to both domestic and commercial property projects, offering the funding needed to allow smaller contractors the finance they need at a time when bank lending is still proving elusive.
If successful, the scheme could continue indefinitely, as repayments would then be used to fund future projects. Within five years, it is hoped the fund will have helped get numerous projects off the ground that otherwise would have failed, whilst growing to £30 million in the process.
Investments will typically be in the £1 million range, but the government has said this could be increased if circumstances dictate.
The fund would also help the Welsh economy and job prospects, with some 900 direct and indirect roles set to be created as a result of the scheme, whilst a further 700 are safeguarded.
Commenting on the scheme, business minister Edwina Hart told walesonline.co.uk: “The Welsh government is committed to supporting business growth and we listen to business.
“This fund meets a real need to help small-scale property developers access much-needed finance to fund development in both the commercial and residential markets. It was set up in response to a funding gap identified by Finance Wales and will help kick-start development in smaller-scale property ventures.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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