Grants and loans to start-ups to revive downtown Colwyn Bay after pandemic
A Â£ 3million FUND that could encourage entrepreneurs to move to Colwyn Bay town center has been launched.
The Town Center Entrepreneurship Fund will provide grants and loans to help entrepreneurs start their businesses in Colwyn Bay, as well as Rhyl, Bangor and Wrexham.
The Welsh Government’s one-year program aims to revitalize city centers which have been “severely affected by the coronavirus pandemic” and to give entrepreneurs “a helping hand” in difficult economic times.
A discretionary grant of Â£ 2,500 to Â£ 10,000 will support businesses with the income costs associated with starting up or moving to a city center.
Meanwhile, the loan component managed by the Development Bank of Wales will offer amounts ranging from Â£ 1,000 to Â£ 50,000.
The fund was opened for applications on June 21.
‘Our town centers have been severely affected by the coronavirus pandemic and this pilot project aims to encourage and support new businesses in four of the town centers in North Wales,’ said the Minister for the Economy, Vaughan Gething.
âThe fund will give entrepreneurs the incentive and a helping hand to get established there.
“The goal is not only to increase businesses in these city centers, but also to support new businesses.”
Applicants will need to meet criteria including being a new start-up or micro-business employing up to nine employees, operating for less than two years and providing a viable 12-month business plan for the designated location of the center -city.
Entrepreneurs must also be able to demonstrate at least 100 percent matching funding for a grant.
Minister for North Wales Lesley Griffiths said: âThe past year and a half has been an exceptionally difficult time for businesses and our city centers. There is great potential in our city centers, and we want to see it come true.
âPilot projects like this will help our inner cities and communities cope with the impact of the pandemic. ”
Apply for the Downtown Entrepreneurship Fund here.