Bank of Wales urged to do more to help SMEs

In order to make it easier for small and medium sized firms to acquire the principal money that they need, Plaid Cymru is encouraging the Bank of Wales, owned by the Welsh government, to do more to make the process easier for the SMEs.

According to Alun Ffred Jones, the group’s spokesman, the economic commission will take a look at the proposal for the Bank of Wales, which is owned by the Welsh Government. He said that it is just the same as Landesbanken and Sparkasse in the sense that they function on provincial basis to help the local businesses.

Jones added that the SMEs are not given access by the banks, and this stops the development of the private groups in the country. Moreover, he said that they want to give more investments and growth as well as generate jobs and improve manpower of the country.

The spokesman, however, added that they found out through surveys that small firms are having a hard time in getting funds that will help them develop and implement their growth objectives. He added that business owners are even utilizing their credit cards just to raise money that will be used for their improvement.

In addition, he said that Wales need a bank that functions like Landesbanken and German Sparkasse because those two really improve the talents and specialities of businesses hence the readiness to invest. Jones said that as of the moment, the economic committee is looking for ways to make their banking system better for the business in Welsh.

Co-chairman of the commission, MP Adam Price also gave statement and said that some countries in Europe have banks that are owned by the State and they are lending to SMEs. He believes that the creation of a regional bank will give momentum for the economic growth objectives, and this will play a role in the budget conversation between the parties and the government of Wales.