A £3m fund created to bring businesses into the centre of four North Wales towns has opened with more details released about the scheme.
The Welsh Government Town Centre Entrepreneurship Fund will offer a combination of grant funding and loans to help new entrepreneurs locate in the centre of Bangor, Colwyn Bay, Rhyl and Wrexham - which have all been impacted by the pandemic.
There will be a discretionary grant of between £2,500 - £10,000 per business to support with the revenue costs associated with starting up in or relocating to a town centre.
It will be for start-ups or micro businesses that have been trading for less than 2 years and can match fund the grant through loans and/or savings.
They must be able to commit to a tenancy in one of the four towns centres for a minimum of 12 months.
It is now open for expressions of interest and will open for applications from June 21.
The loan element has been developed with and will be operated by the Development Bank of Wales offering loans from £1,000 through to a maximum of £50,000.
Economy Minister Vaughan Gething said: “Our town centres have been severely impacted by the coronavirus pandemic and this pilot project aims to encourage and support new businesses in four of North Wales’ town centres. The fund will give entrepreneurs the incentive and a helping hand to set up business there.
“The aim is to not only increase businesses in those town centres but also to support new business.”
Minister for North Wales Lesley Griffiths said: “The past year and a half has been an exceptionally challenging time for businesses and our town centres. There is great potential in our town centres, and we want to see that realised. The aim of this pilot project is to help encourage new businesses to use space in four town centres across North Wales.
“Pilot projects like this will assist our town centres and communities to deal with the impact of the pandemic.”
For more information on the Town Centres Fund visit:
https://businesswales.gov.wales/business-wales-town-centre-entrepreneurship-fund
https://businesswales.gov.wales/cy/cronfa-entrepreneuriaeth-canol-tref-busnes-cymru
Business start-up loans from £1,000 to £5 million (developmentbank.wales) / Dechrau busnes (developmentbank.wales)
