Fintech Wales Attends Launch of 2025 Wales SME Access to Finance Report
Fintech Wales was delighted to attend the launch of the 2025 Wales SME Access to Finance Report, published in partnership with Economic Intelligence Wales. The event brought together industry leaders and finance experts to explore how regional characteristics shape SME engagement with external finance across Wales.
Now in its second year, the report delivers in-depth analysis of the financial behaviours, challenges, and confidence levels of Welsh SMEs. It offers valuable insight for those advising and supporting small businesses, especially in understanding the regional nuances affecting finance accessibility.
Key Findings
- 57% of smaller businesses in Wales were using external finance in late 2024, up from 49% in 2023.
- Credit cards were the most commonly used form of finance among smaller businesses.
- 21% of SMEs in Wales reported experiencing barriers when accessing finance.
- Among SMEs anticipating the need for finance in the next year, 61% were confident in their ability to secure it.
The findings underline both the progress made in SME financial confidence and the continued need for awareness around diverse finance options.
Expert Insights from the Panel
The event featured a panel session offering reflections on the report, with valuable contributions from:
- Jessica Phillips-Harris, Senior Manager, UK Network, Wales, British Business Bank
- Katherine Broadhurst, Partner, Corporate Finance, Azets
- Rhys Mallows, Managing Director, Mallows Bottling
- Gus Williams, CEO, Chambers Wales and Bevan Buckland
Industry Comment
Susan Nightingale, Director UK Network, British Business Bank, commented:
“It’s encouraging to see more Welsh smaller businesses making use of external finance, demonstrating a strong appetite for investment and growth. That said, high levels of credit card usage suggest finance choices are driven by familiarity and ease of access as opposed to informed choices about what is most appropriate for the needs and longevity of the business. We all have a job to do, to continue to raise awareness of the range of finance options available and to ensure businesses, irrespective of where they are based, have equal knowledge and access to capital.”
Giles Thorley, Chief Executive of the Development Bank of Wales, added:
“This report provides timely and detailed analysis of the current finance landscape for small businesses in Wales. It’s encouraging to see that more Welsh businesses are accessing external finance, and that many are planning to grow over the coming year. We’ve welcomed this opportunity for Economic Intelligence Wales to collaborate with the British Business Bank to improve the evidence base and, therefore, the understanding of access to finance issues in Wales as a whole, as well as in each of the Welsh regions.”
The findings offer crucial insights that can inform future strategies to support SME growth, innovation, and financial resilience across the Welsh economy.