The Development Bank of Wales is seeking to appoint an appropriately qualified economic consultancy or research provider to undertake an independent review of the business finance landscape in Wales. The Development Bank of Wales will act as the contracting authority and will enter into the contract with the successful supplier. Economic Intelligence Wales, the independent research arm of the Development Bank of Wales, is the project sponsor and commissioning body for the requirement. Economic Intelligence Wales will be responsible for shaping the research scope, providing subject matter input and supporting the delivery of the contract. The review will assess how effectively current public, private and alternative finance provision meets the present and anticipated future needs of businesses in Wales. It will identify key gaps, frictions, affordability constraints, market failures, risks and opportunities within the Welsh business finance market. The work is expected to provide the Development Bank of Wales, Welsh Government and wider stakeholders with an independent, robust and evidence-led assessment of the Welsh business finance landscape. The successful supplier will be required to produce practical, policy-relevant and decision-ready outputs suitable for senior policy, delivery and stakeholder audiences. Core requirement The initial commission will focus on Phase 1, which is expected to include: mapping the current business finance landscape in Wales; assessing the supply of, and demand for, business finance; reviewing the role and availability of public, private and alternative finance; identifying finance gaps, market frictions, affordability constraints and potential market failures; examining the public finance and policy context; assessing current and emerging trends affecting the future demand for and supply of finance; identifying evidence and data gaps; undertaking proportionate and targeted stakeholder engagement; setting out headline policy and delivery implications; and producing clear, credible and decision-ready findings and recommendations. The detailed requirements, deliverables, milestones and reporting arrangements are set out in the procurement documents. Optional services Subject to the outcomes of Phase 1, budget availability, internal approvals and future commissioning decisions, the Development Bank of Wales may require additional thematic research or related services. Potential additional work packages may include: venture, innovation and scale-up finance; ownership transition and succession finance; commercial property, premises and development finance; infrastructure, project finance and capital structuring; additional data collection or stakeholder engagement; focused updates or refreshes to the Phase 1 evidence base; and final synthesis, policy analysis and reporting. These additional work packages are not guaranteed. The Development Bank of Wales gives no commitment regarding the volume, value or timing of optional services that may be commissioned.