The Federation of Master Builders (FMB) has welcomed the announcement by Edwina Hart, Wales's Minister for Economy, Science & Transport Minister, of a £10 million Property Development Fund aimed at supporting smaller scale property ventures and providing a boost to the Welsh construction industry.

Ifan Glyn, an FMB Cymru spokesperson, said: "We welcome the new fund, as it is clearly designed to enable access to funding for viable building businesses in Wales and to boost the SME construction sector. Our recent State of Trade Survey gave real signs for optimism that the Welsh building industry may be turning a corner, and our members are also telling us they are more hopeful about the future after some very difficult years for construction in Wales."

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Mr Glyn continued: "Some members voiced concern that in recent months the Welsh Government has sought to add to the regulatory burden currently holding building firms back, so this announcement is brilliant news and shows FMB Cymru and its members are being heard. A quarter of FMB member firms around the UK have lost business opportunities or had to abandon plans for growth or investment because they were unable to raise the necessary funds from the bank, so we are pleased this new fund is seeking to tackle a very real problem.

"While we welcome any steps aimed at revitalising the construction sector, it is important to remember we still have some way to go to secure sustained economic recovery for Wales's smaller builders; the architects of this policy must now ensure fair access for viable firms, and should also continue to explore all options to build on these positive foundations."

(CD)