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12 November 2013

FSB calls for Finance Wales chiefs to be called to account

Reference number: PR121112

Responding to today's second report on Access to Finance, Federation of Small Businesses in Wales spokesman Rhodri Evans said:

"The findings of this second comprehensive and in-depth report from Professor Dylan Jones-Evans confirm our very worst fears about the way that Finance Wales has been operating and the exorbitant interest rates that it has been charging small businesses in Wales.

"It has been charging these inflated rates at a time when small businesses needed its support the most, and yet, despite this, has reported millions of pounds of losses in the past two years.

"In light of today''s report we would call for the chief executive and senior managers of Finance Wales to be called to account and brought before AMs to explain the decisions that have resulted in small firms being let down so badly in recent years.

"We also urgently need to ensure that small businesses in Wales are better supported in future. With that in mind we back the Professor''s call for the creation of a Development Bank for Wales, an idea that he first mooted in work that he carried out more than a decade ago in conjunction with FSB Wales."