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The case for an enterprise development fund for Wales

This paper sets out the case for an enterprise development fund for Wales against a background of the financing problems faced by small and medium sized enterprises. Supply and demand side problems in the market for finance for small businesses are analysed and the finance gaps in Wales are explored. The advantages and disadvantages of creating such an institution are highlighted; crowding out is noted as a potential problem that needs to be monitored. It is concluded that in the absence of private sector provision there is considerable scope for a development fund to improve the allocation of resources in the Welsh economy by offering a range of loans and equity based finance. An overall strategy which supports the growth and development of a diverse range of small and medium sized enterprises should result in a fairer competitive environment and provide opportunities for new key industries to contribute to sustained economic growth in Wales. The concentration of effort into one institution in Wales should enhance the viability of the fund in the medium to long term and reduce information costs.