During August 2016, the Welsh Government announced a Town Centre Repayable Funding Scheme for 2016/17. The scheme will provide repayable funding to support town centre regeneration and to develop vibrant and viable places. The total amount available was £10 million, to be released to participating local authorities in 2016/17.
The core aims of the scheme are to reduce the number of vacant, underutilised and redundant sites and premises in town centres and to support the diversification of town centres by encouraging more sustainable uses for empty sites and premises, such as residential, leisure and for key services. By supporting the vibrancy and viability of town centres the outcomes should focus on supporting job creation and economic growth, tackling poverty, increasing the supply and quality of accommodation offer, and supporting targeted training and recruitment during construction.
Gwynedd Council’s application for funding was successful, and a fund of £850,000 has been established to complement the existing Caernarfon Town Centre Loan Fund and to establish a new loans fund for the Bangor City Centre area.
The fund will be available for owners of premises in need of improvement, located in Bangor City Centre.
The purpose of the loan is to improve the property for continued ownership, to sell, to rent or unlock a vacant or stalled site. Improvements can include making a residential property safe, warm and / or secure. The loan cannot be used to repay existing borrowings.
The minimum loan value will be £5000 and loans will be interest free. A one-off administration fee of up to 15% will be charged to cover legal and administrative costs, and to cover the risk factor.
The maximum repayment period will be 5 years. Repayment terms can be a choice of staged repayments, full repayment at the end of the loan term, or on sale of the property if earlier.
Making an application
Application forms can be obtained by contacting the Gwynedd Council Business Support Team
Phone 01286 679231
All prospective applicants must contact the Business Support Team to discuss their proposal before submitting an application.