Powys firms secure share of £509,000 business growth grants
Powys firms secure share of £509,000 business growth grants
Businesses throughout Powys are set to benefit from Growth Grants totalling £509,000, backed by the Local Growth Fund, following significant demand for the latest round of funding.
More than 150 applications were received, with the assessment process completed and applicants notified of the outcome within one week of the grant scheme closing.
Subject to the completion of funding agreements, 37 businesses across 15 Powys towns and communities have been selected to receive support.
The successful applications are spread across Brecon, Crickhowell, Hay-on-Wye, Knighton, Llangammarch Wells, Llanidloes, Llansantffraid, Llanymynech, Machynlleth, Montgomery, Newtown, Presteigne, Rhayader, Welshpool and Ystradgynlais.
The funding will support projects connected to six of the seven key growth sectors identified in the Grow in Powys Economic Strategy:
Advanced Manufacturing and Engineering: £179,000
Foundational Economy: £143,000
Construction and Retrofit: £67,000
Agriculture and Rural Resilience: £60,000
Tourism, Culture and Events: £49,000
Energy: £11,000
The Local Growth Fund is funded by the UK Government and managed in Wales by the Welsh Government.
Councillor Glyn Preston, Powys County Council’s Cabinet Member for a More Prosperous Powys, said: “The level of interest in the Business Growth Grant demonstrates the ambition, resilience and potential of businesses across Powys.
“We recognise how important it is for businesses to receive decisions promptly, so completing the assessment process and notifying applicants within just one week of the scheme closing was a significant achievement.
“The proposed funding reaches communities across the county and supports many of the priority sectors identified in our Grow Powys Economic Strategy. It will help businesses pursue their plans for growth, strengthen the local economy and create a more prosperous Powys.”
Further information about the individual businesses and projects receiving support will be announced once the funding agreements have been completed.
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