Rescued Hengoed factory welcomes development bank

A development bank for Wales has been given the official go-ahead to help small and micro businesses get off the ground or to grow.

Developed from Finance Wales, it will have a target of providing £80m a year within five years and creating 5,500 jobs annually.

EU and Welsh Government funding will kick-start the bank, aimed at micro, small start-ups and innovative firms.

The Wrexham-based bank's running costs will be self-sustaining from next year.

Chevler Packaging took over a factory in Hengoed, Caerphilly County, after it had gone into administration in 2009.

Finance Wales helped with buying machinery and the workforce, which makes paper cases for cupcakes, has since grown.

Stuart Whelan, managing director, explains to Sarah Dickins how the support, worth £1.2m in loans, has helped over the years.