Wales backs care home investments with £4m development bank loans
Older people in care homes in Wales will benefit from new facilities and improved services with the help of a £4m investment in the first half of 2021 by the Development Bank of Wales.
Seven Welsh businesses providing residential care have benefitted from loans totalling £4m from the Development Bank of Wales in the period from January to June 2021, helping to fund growth and service improvements.
That compares to less than £1m in the same period last year and includes funding for care home providers that deliver care services for the elderly and adults with mental health and learning difficulties.
Padda Care currently has two care homes situated in Llandybie, Ammanford and in Morriston, Swansea. Both homes provide specialist dementia care that is tailored to the individual needs of residents by using a person-centred approach.
A £1.5m loan from the Development Bank of Wales is helping to fund the development of a new 36-bed unit adjoining Glanmarlais. Expected to open in late 2021, the unit will provide specialist EMI care and create 30 new jobs.
Padda Care has also acquired a site in Llwynhendy, Llanelli for the development of an 80-bed care home. Work is expected to start later this year.
Dale Roads Group, which operates six residential care homes in Pembrokeshire, meanwhile has recently acquired Pembroke Haven in Pembroke Dock with a £1.8m loan from the Development Bank of Wales.
“We are committed to supporting the care sector and doing everything we can to ensure people in Wales have access to the best quality of care possible,” said Welsh deputy minister for social services Julie Morgan (pictured).
“We have supported care home providers, who have faced significant challenges over the last 18 months, with increased funding as we appreciate the pressures their services have been under. This Development Bank of Wales funding will improve the range of services and specialist care available for those who need it,” she added.