ECONOMY Minister Edwina Hart has announced £21m of new finance to help small and medium enterprises in Wales expand and create or safeguard more than 1,800 jobs.

The money will be distributed to Welsh businesses through two Finance Wales funds and the Welsh Government’s new £5m Repayable Fund for SMEs, which offers repayable finance of between £50,000 and £500,000 to help SMEs grow and create jobs.

The fund aims to create and/or safeguard at least 500 jobs.

The Wales Micro-Business Loan Fund, which is managed by Finance Wales, will receive a £6m boost, while a new £10m Wales Technology Venture Investment Fund will allow Finance Wales to invest in innovative technology businesses.

Since its launch in 2012, the Wales Micro-Business Loan Fund, which provides finance of between £1,000 and £50,000 for micro-businesses, has invested over £5m in nearly 200 companies leading to the creation and safeguarding of over 1,000 jobs.

Mrs Hart said the additional £6m will help businesses create or safeguard a further 1,000 plus jobs and attract an additional £3.6m in investment.