Small business needs support
THROUGHOUT my time as Assembly Member for Aberconwy, I have been calling on the Welsh Labour Government today to re-prioritise its support for small and medium-sized enterprises – the lifeblood of our economy – and to commit to backing them fully and effectively.
Last year, SMEs created 25,500 jobs in the private sector – they are key to job creation in Wales, and provide support and employment in local communities across Wales – just look at the recent success of Surf Snowdonia – new jobs and new employment.
Sadly, though, we continue to see devastating job losses across Wales, often from companies that have received significant amounts of Welsh Government funding.
We also see a shocking lack of due diligence from this Welsh Labour Government who do not hold information on the very businesses that they have provided funding (tax- payers’ money!) to.
The damning report earlier this year of the Auditor General for Wales into the Regeneration Investment Fund for Wales (a fund established to restore jobs and prosperity to Wales’ deprived communities) estimated a loss of £15m to the public purse.
A clear example of the Welsh Government’s failureure to spend taxpayers’ money oney effectively in support ort of Welsh businesses..
This week I have e been asking the Welsh Labour Government how we can ensure that such a catastrophe doesn’t happen again.
The Federation of Small Businessess has highlighted thehe struggles of businessesses in Wales when it comes omes to finance.
A recent feasibility study for a Development Bank for Wales con- cluded that helping new businesses and microbusiness to access funding and support is vital, yet all too often I hear of SMEs struggling to navigate the complex and overly bureaucratic funding and grant structures of the Welsh Government, who’s arm-length body Finance Wales has repeatedly been a cause for concern, reluctant to respondrespon to the changing enviro environment for SMEs and d declared ‘unfit for pur purpose’.
I really have conc cerns about the W Welsh Governm ment’s commitm ment to helping W Welsh SMEs a access finance, a and will continue to work for SMEs in Aberconwy and Nor North Wales on this matte matter. The Welsh Labour Governm Government need to get a grip and shake up their shortsighted policies!