Agenda item

Arwyn Davies, Corporate Manager, Growth and Enterprise explained that a range of grants were made available to organisations and businesses in Ceredigion for various purposes, primarily to support their growth, innovation, and contribution to the economy. Some of the common reasons why businesses received grants from the public sector were provided. Overall, grants served to incentivise business growth, innovation, and socio-economic development by providing financial assistance and support to deserving businesses. Grants were also made available for community organisations to support the development of initiatives that supported the development of facilities and activities in those communities.

Information contained in the report was only a representation of some of the support funding that was currently available to businesses and organisations in Ceredigion and was not meant to be an exhaustive list. Governments or Government bodies launched funding programmes at various points to support Government priorities and policies, so the advice would always be to use advisors and search widely for support that may be available at any one time.

An overview of the UK Sharad Prosperity Fund (UKSPF) that had enabled the establishment of two grant schemes (The Cynnal y Cardi Community Development and Support Fund and The Cynnal y Cardi Supporting Local Business Fund) was provided. It was noted that although the grants were small in sum at times, they gave confidence to those who had been successful in their bid and could also attract private investment. Recent data suggested that more new businesses had opened in Ceredigion compared to those that had closed over the past 2-3 years. Several factors contributed to this, including funding support.

Members were provided with the opportunity to ask questions which were answered by Arwyn Davies. The main points raised were as follows:

·       Cynnal y Cardi UKSPF 2022-25 was a 3-year programme, and the £12m allocated to Ceredigion had been shared between many businesses and organisations. Several processes were involved to deliver the work within this period, including setting up the programmes, approving applications and processing the claims once the work had been completed. 

·       The Partnership had agreed to close the Cynnal y Cardi UKSPF 2022-25 grants application window on 25 March 2024 due to the high number of applications and to allow for the current applications to be assessed. Re-opening of grant funding opportunities depended on the suitability of the applications. The same applied to Community grants.

·       Grants to support businesses and organisations were considered vital, and it was positive that there had been a high level of interest within the county, which reflected the need for support. Members encouraged the service to ensure no funding allocated to the LA went unused.

·       A Panel assessed the Cynnal y Cardi applications and each application was scored independently. Many factors including the business plan were considered and how it aligned with the local economic strategy. If a business had narrowly missed the threshold, feedback was provided and where time and funding allowed, there was a potential to re-apply.

·       Plans to expand the provision at Food Centre Wales in Horeb were being developed as part of the Growing Mid Wales Programme. 

·       Historically, Wales has not had much success in attracting innovative-based grants, however, the Chancellor announced during the recent Spring Budget that a sum of £5m through UK Research Innovation (UKRI) had been allocated to an Agri-food Launchpad across Mid and North Wales. This announcement followed an unsuccessful bid by CCC on behalf of the regions for funding for the Agri-tech sector. The development would hopefully provide a platform for innovation and place the region in an improved position to attract future grants and investments. One of the main tasks for CCC was to ensure that as much of the £5m was invested in Ceredigion.

Arwyn Davies provided an overview of the Government-backed loans available via the Development Bank for Wales and the British Business Bank – Investment Fund for Wales. Increasingly, Governments tended to favour the use of recyclable money in the form of loans, or a mix of grant and recyclable funding, to make existing funds more sustainable in the future.

It was noted that the challenges for businesses and organisations in rural areas were unique, and therefore, the availability of grants was vital to encourage economic growth. An assessment of the impact on Ceredigion’s economy and the need for this support would be undertaken and would be presented to stakeholders including WG and UK Government.

The Chair thanked Arwyn Davies for an informative report and encouraged him to return with an update in a position to do so.

It was AGREED to note the report.