The Welsh government money, in the form of a Property Development Fund, is aimed at supporting smaller-scale property ventures and helping the Welsh construction industry.

FMB Cymru spokesperson Ilfan Glyn described the news as "brilliant", especially as some FMB members had recently voiced fears that the Welsh government was seeking to add to construction regulatory burdens.

But he warned that there was still a long way to go for a secure sustained economic recovery for Wales’ smaller builders, while fair access to the funds for viable builders needed to be ensured.

The FMB’s recent State of Trade Survey showed signs that the Welsh building industry may be turning a corner.