A £3m North Wales entrepreneurial fund has been announced to bring new businesses into four key town centres in North Wales.
Welsh Government ministers have announced an additional £24m package of support to revitalise Wales’ town centres.
This includes £18.4m of Transforming Towns loan funding that will breathe new life into old and empty properties.
But there is also a targeted fund for North Wales aimed at regenerating town centres that have struggled in recent years, with the situation compounded by the pandemic.
The £3m will incentivise new entrepreneurs to locate their businesses within the town centres of Wrexham, Rhyl, Colwyn Bay and Bangor.
It comprises grant and loan funding; the loan funding will be provided by Development Bank of Wales. It is not known what rate and terms will be used on any loan.
Minister for Economy and Transport Ken Skates said: “Supporting our businesses and town centres is a key part of our Economic Resilience and Reconstruction Mission as we aim to rebuild the Welsh economy so that it’s more prosperous, equal and green than ever before.
“We have all seen the importance of digital during the pandemic, in how we connect with each other, purchase goods and access service. Embracing technology is going to crucial to the future success of businesses and I’m delighted our town centre funding will help towns and businesses do just that.
Most Read
“I’m also pleased we will be able to provide important incentives to businesses so we can increase footfall in Wrexham, Rhyl, Colwyn Bay and Bangor.
"This funding will help attract businesses and people back into the town centres.”
Under this round of Transforming Towns loan funding, local authorities can act directly and use their share of the £18.4m to step in to buy and redevelop properties that have been left empty. Previously they had loaned the money interest free to developers, businesses or social housing groups.
That money invested will be repaid and the cash recycled to fund new loans targeted to high streets and town centres.
Blaenau Gwent County Borough Council will benefit from £2.570m for the redevelopment of strategic sites in Ebbw Vale and Brynmawr, while Flintshire County Council will receive £750,000 to redevelop a number of premises that would otherwise be difficult to bring back into use. Conwy council has received £1m.
Swansea City and County Council is set to receive £6m in funding to bring back into use long-term empty buildings within the city and Powys County Council will receive £2m to redevelop the former livestock market in Llanidloes.
Get your BusinessLive news direct and all in one place
Stay in touch: BusinessLive newsletters have been re-designed to make them even better. We send morning bulletins straight to your inbox on the latest news, views and opinion. Get our breaking news alerts and weekly sector reviews too. Sign up now - it's free and it only takes a minute.
Don’t miss
Deputy Minister for Housing and Local Government, Hannah Blythyn said: “As part of our Transforming Towns approach, we have invested over £40m of Town Centre Loans funding over this Senedd term, enabling the redevelopment and occupation of many town centre buildings across Wales.
"I look forward to seeing more homes, offices and businesses developing thanks to the property improvements we will see as a result of this latest round of funding.”
Exact funding allocations for the Town Centre Loan fund is shown below:
Local authority |
Allocation |
Blaenau Gwent |
£2,570,000 |
Carmarthenshire |
£2,000,000.00 |
Conwy |
£1,000,000.00 |
Flintshire |
£750,000.00 |
Gwynedd |
£600,000.00 |
Merthyr Tydfil |
£1,000,000.00 |
Pembrokeshire |
£1,500,000.00 |
Powys |
£2,000,000 |
Swansea |
£6,000,000 |
Vale of Glamorgan |
£550,000.00 |
Wrexham |
£500,000.00 |