Newtown businesses looking to expand or secure their future amidst challenging times can now apply for a Growth Grant from the Powys County Council.
The council has secured an impressive £393,000 from the UK Government's Shared Prosperity Fund to support local businesses. Grants ranging from £1,000 to £25,000 will be made available over a two-year period.
The application window for the first round of grants is currently open and will close on Friday, 15th December at 5pm. The council plans to open a second window on 1st April 2024. However, both application periods may close early if all the funds are allocated.
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The first round has £143,000 available, while the second round has £250,000.
Cllr David Selby, Cabinet Member for a More Prosperous Powys, expressed the council's commitment to supporting economic development during difficult times.
"These grants are being delivered as part of our ongoing commitment to support economic development during difficult times. We want to help businesses in the county, and those that want to move here, at all stages of development to start, sustain, grow and innovate, including through local networks," he said.
The grant awards will be based on 50 percent of eligible project costs or a maximum of £5,000 per job created and/or safeguarded, whichever is lower.
To access the grant, businesses must create at least one new job or safeguard one full-time equivalent job. Applications for the Powys Business Growth Grant can be submitted through this link: https://formbuilder.evolutive.co.uk/formsite/form/1fb98514-ff18-445a-8c61-e8ea3bc8cf6a
The grant money can be used for capital schemes and one-off revenue projects but cannot be used to cover regular running costs. While the supported sectors primarily include Advanced Materials and Manufacturing, Construction, Creative Industries, Energy and Environment, Finance and Professional Services, Information, Technology, and Telecoms, Life Sciences, Food and Drink, Tourism, Retail, and Care, applications from other sectors will be considered based on their value to the local economy, except for farming, fishing, forestry, and statutory services.
Ideally, businesses receiving these grants will commit to paying their employees the Real Living Wage. The Real Living Wage ensures fair compensation for workers to meet their basic needs. Additionally, participating businesses will be asked to show their commitment to sustainable development by signing up to the Welsh Government's Green Growth Pledge.
For more information visit the Powys County Council website: Powys Business Growth Grant
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