About this programme
The Wales Flexible Investment Fund (WFIF) is a GBP 500 million investment vehicle funded by the Welsh Government and managed by the Development Bank of Wales.
WFIF is not a single loan product but a flexible pool of capital the Development Bank of Wales draws on to structure loans, mezzanine finance, and equity investments for established Welsh businesses, tailoring the mix to what a deal actually needs rather than fitting the business into one fixed product.
The Development Bank of Wales says it actively seeks high-value co-investment for the fund, so many WFIF deals combine the fund's capital with money from banks, private investors, or other Development Bank funds.
How it works
Deal sizes under WFIF range from GBP 25,000 to GBP 10 million, with terms available up to 15 years.
Funding can be structured as a straight loan, mezzanine finance (subordinated debt that sits between senior debt and equity), or an equity investment, or a blend of these, depending on the business's stage and the purpose of the investment (working capital, expansion, acquisition, or new markets).
For loan and mezzanine deals, personal guarantees from business principals may be required, offered as either unsecured (not backed by personal assets) or secured (backed by a legal charge on assets) — the Development Bank prices on risk, so a secured guarantee generally lowers the cost of borrowing. Soft credit searches are run on principals and leave no footprint visible to other lenders.
Who can apply
The fund is open to established Welsh businesses — companies based in Wales, or willing to relocate to Wales, seeking to invest, expand, or reach new markets.
WFIF sits across the Development Bank's fund suite rather than a narrow sector remit, and deals are assessed case by case against the strength of the business case rather than a fixed sector list.
How to apply
- Use the Development Bank of Wales's quick online eligibility checker to confirm the business qualifies before applying.
- Complete the online application form, which the Bank states takes around 10 minutes; progress can be saved and returned to, with partially completed forms available for up to one month before being deleted.
- Upload supporting documents such as a business plan and financial statements where available — these are not required at initial submission but speed up processing, and project financials and summary CVs must be attached before submission for property development loan applications specifically.
- A downloadable hard-copy version of the application form is available for applicants who cannot use the online form.
Documents you’ll typically need
- Business plan (not required at initial submission for most applications, but speeds up processing)
- Financial statements
- For property development loans specifically: project financials and summary CVs of the project team
Frequently asked
What is the Wales Flexible Investment Fund (WFIF)?
It is a GBP 500 million fund, capitalised by the Welsh Government and managed by the Development Bank of Wales, used to provide loans, mezzanine finance, and equity investments to established Welsh businesses.
How much can a business borrow or raise under WFIF?
Deal sizes range from GBP 25,000 to GBP 10 million, with repayment or investment terms available up to 15 years. The exact structure and amount depend on the business case presented.
Is WFIF only loans, or can it also be equity?
Both, and mezzanine finance as well. The Development Bank of Wales structures each deal — loan, mezzanine, equity, or a blend — around what the business needs, rather than offering a single fixed product.
Which businesses are eligible for WFIF?
Established businesses that are based in Wales, or willing to relocate to Wales. The Development Bank assesses applications against the strength of the business case for investment rather than a restricted sector or stage list.
What documents are needed to apply?
A business plan and financial statements are recommended and speed up processing, but are not required at initial submission for most applications. Property development loan applications are the exception — these require project financials and summary CVs before submission.
Is a personal guarantee required?
It can be, for loan and mezzanine deals to incorporated businesses. Guarantees may be unsecured or secured against personal assets; the Development Bank prices on risk, so a secured guarantee generally reduces the cost of borrowing.
How long does an application take?
The online application form itself takes around 10 minutes to complete, but overall processing time varies with how quickly supporting documentation is provided and the complexity of the financing structure.
Reviewed 2026-08-16. Programmes change — confirm current eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private consultancy and is not affiliated with any government authority.