A new £3 million fund has just opened for applications from entrepreneurs across North Wales, helping them to set up businesses in Wrexham, Rhyl, Colwyn Bay and Bangor. The funding will be a combination of grants and loans, piloted by the Welsh government.
According to Business News Wales, the aim of the round of funding is to encourage entrepreneurs, but also to revitalise town centres that have been badly affected by the pandemic, with the scheme running for an initial 12 months.
Lesley Griffiths, Minister for North Wales, explained that the last year and a half has been especially challenging for both town centres and businesses alike, but now is the time to realise the great potential town centres have.
Vaughan Gething, economy minister, made further comments, saying: “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.”
Figures from the Treasury show that, since the start of the pandemic, Wales has received £8.6 billion in UK government funding, which has enabled the Welsh government to provide support to businesses, public services and individuals across Wales.
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