The Wales JEREMIE Fund was the first of its type to be launched in the UK and one of the first in the European Union. It invested nearly £160 million in loan, mezzanine and equity finance in Welsh SMEs. It was managed and delivered by Finance Wales, a subsidiary of the Welsh Government. Partners needed an objective evaluation to understand how successful the fund had been and to identify lessons for future funds.
Regeneris was appointed to undertake a detailed review of the overall performance of the fund and the value it added to the Welsh economy. Our team explored how the scheme addresses the finance gap, stimulates the supply side of the market, collaborates with other forms of business support and ultimately supports enterprise, innovation and job creation. Regeneris worked closely with Finance Wales, consulted with a variety of stakeholders and intermediaries, and carried out a survey of SMEs to model the impact and value for money of the fund.
Our evaluation found that after 6-years of investing, the fund had helped 600 Welsh SMEs create over 4,000 jobs. The fund attracted over £200 million additional private investment and generated a total impact of just under £360 million for the Welsh economy. Our evaluation recommendations were used to inform the successor Wales Business Fund, launched in 2016.
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