Plaid Cymru Assembly Member Simon Thomas has called for more help from the Welsh Government for small businesses across the Mid and West region and a fund to ensure local communities benefit from energy projects.
During First Minister’s questions, he raised the issue of establishing a business bank to improve the borrowing situation for Welsh businesses.
Mr Thomas, AM for Mid and West Wales, said: “One of the problems facing small businesses in this area is borrowing from banks. I called for the Welsh Government to improve the situation and asked the First Minister to look into the possibility of establishing an alternative business bank at a co-operative level which would enable Welsh businesses to lend to each other.”
First Minister Carwyn Jones replied that he would consider the creation of a fund related to energy projects in Wales to ensure community benefits.
Mr Thomas has suggested two ideas that could help Welsh communities:
- Creating a Sovereign Wealth Fund for Wales
- Establishing a Welsh Business Bank
He said: “A Sovereign Wealth Fund for Wales would use the principles of the community infrastructure levy to build up a national fund from the community benefit payments made by renewable energy projects. As Wales gets more powers over our natural resources and over taxation, the money could also be paid into the wealth fund. The devolution of these resource taxes is being considered by the Silk Commission.
“Establishing a Welsh Business Bank with Welsh Government support would address one of the problems for businesses in Wales accessing working capital for growth. This would be a business mutual, using co-operative rather than shareholder methods and receiving investment from Welsh businesses.
“I will be writing to the Welsh Government so they follow up these ideas.”
