New business fund for Bridgend businesses to launch

New funding through the Bridgend County Economic Taskforce will be available to Bridgend businesses in the coming months.

The funds, from Bridgend County Borough Council’s Economic Futures Fund, will support start-ups, adaptations to business properties and innovative proposals which help support the economy both during the coronavirus pandemic and beyond.

They include:

• Business Start Up funding providing grants of between £250 and £4,000 to new businesses.  Initially £150,000 will be available in 2021/2022.
• A Local Economy Innovation Fund offering up to £50,000 to innovative projects which help support the economy during the coronavirus pandemic and beyond.  Initially £200,000 will be available in 2021/2022.
• A Property Enhancement Fund providing grants of up to £10,000 for business premises adaptations that respond to restrictions arising from the coronavirus pandemic and develop future resilience.  Initially £350,000 will be available for this Fund in 2021/2022.

The Business Start Up funding aims to provide financial assistance to new or existing micro-businesses – a business which has fewer than ten employees and a turnover or balance sheet total of less than €2 million.  The fund can provide up to 50 per cent of eligible project costs with the minimum grant £250 and the maximum grant available £4,000.

Meanwhile the Local Economy Innovation Fund will seek proposals that offer new and creative responses to the challenges currently faced by the local economy.

And the Property Enhancement Fund will provide funding of up to 80 per cent or a maximum value of £10,000 of the total eligible improvement costs, with a minimum of 20 per cent of the total project costs met by the applicant.

These are extremely challenging times for businesses. While UK and Welsh Governments have responded with financial support we, along with our partners through the Economic Taskforce, have listened to concerns and brought forward several additional support funds to assist local businesses.

We are making resources available for those seeking to start their own business and we are putting out a call to action among our local businesses which have innovative products and services that will help our communities and the public sector adapt to the ongoing impact of the pandemic. We are also providing support to businesses whose properties require certain adaptations to respond to current situations as well as develop future resilience.

We have listened to a range of issues that businesses have raised and looked closely at what we can do with the resources available. Interest in these schemes will be monitored with the potential for further funding being made available as necessary.

Bridgend County Borough Council’s cabinet member for regeneration Charles Smith

Businesses wishing to express an interest in these funds can do so via Bridgend County Borough Council’s website from 12pm on February 5. Applications will then go live on the local authority’s website on February 26 with all funds being available for supporting activity from April 1, 2021.

The Economic Taskforce was set up last year to help the local economy recover from the pandemic and deliver long–term benefit. It features business leaders, local public sector organisations, the Cardiff Capital Regional City Deal, representatives from business sectors and trade bodies, and other key stakeholders.