A £3m fund piloted by the Welsh Government in four North Wales town centres to encourage entrepreneurs to set up there is now open for expressions of interest and will open for applications next week
The fund will assist entrepreneurs to set up businesses in Bangor, Colwyn Bay, Rhyl and Wrexham. The funding will be a combination of grant funding and loans to help entrepreneurs who are starting out.
The pilot aims to encourage entrepreneurs while also helping revitalise town centres which have been hit hard during the pandemic. The scheme will run for a year initially
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.
The fund will open for applications from 21 June.
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.”
