One of the companies that benefited from the funding was plant, access and agricultural equipment hire firm Ashbrook Limited.

Ashbrook is one of 14 businesses in Gwynedd to have received over £2.7m of funding from the development bank.

The family run business will use the funding to purchase new premises adjacent to its current depot in Bangor.

Mike Ashbrook, commercial director at Ashbrook Limited, said that it has expanded, invested and was currently recruiting.

“It's an optimistic message from a leading business in the area.

“North Wales is a prime location and the help from the authorities is superb.

“The funding from the development bank has given us a fantastic opportunity and [its] support has been invaluable in helping our business to thrive.

“[Its] loan has enabled us to invest in new premises, while retaining capital to fund future growth.”

The development bank also provided £2.26m to six businesses in Denbighshire in 2017, while nine businesses in Anglesey saw £485,000 of investment.

These figures include a £40,000 micro loan for childcare professional Lindsay Boyle, who used the funding to purchase Meithrirfa Blodyn Tatws, a nursery based in Llangefni that cares for 37 children ranging from three months to 12 years.

“The loan has enabled me to purchase the business and provide continuation of employment for the nine staff,” said Lindsay.

“The guidance and support from the team at the development bank has been vital as I've taken the first steps on my journey of being a business owner and employer.”

Economy secretary Ken Skates (pictured above, left) said he was delighted that businesses across north Wales were growing as a result of support from the Development Bank of Wales.

“Our new economic action plan includes a real focus on strengthening our regional economies and ensuring the fruits of our prosperity fall more evenly across Wales, and the development bank's investment in businesses in north Wales is [a] great example of how we are working to achieve this.

“The development bank's new headquarters in Wrexham will only serve to enhance the support on offer to businesses in the region and I look forward to its opening later this year.”

Rhodri Evans, regional manager at the Development Bank of Wales, added: “Our team, which is based across the whole of the north Wales region, has doubled in size over the last year.

“Further recruitment is in the pipeline as we scale up our operations to ensure that we are well positioned to support businesses of all shapes and sizes.

“We are targeted to have an impact of more than £1bn on the Welsh economy over the next five years.

“Having been born and brought up in north Wales, I understand exactly how this will benefit our region as we strive to address the challenges and opportunities facing businesses in the area.”