Sector - Public Sector
Welsh government announces Town Centre Loans funding boost
The Welsh Deputy Minister for Housing and Local Government, Hannah Blythyn, has announced a £4 million funding boost for town centre regeneration.
£31 million will now be made available to communities via the Town Centre Loans Fund, which forms part of the Welsh government’s wider regeneration strategy. The government previously pledged to invest £800 million between 2014 and 2023. Of that amount, £250 million will be allocated by the government itself, with the remaining £550 million coming from Welsh organisations and businesses.
Caernarfon is one of many Welsh communities to have benefitted from the Town Centre Loans Fund, having received £2 million since 2015. A portion of this allowed not for profit community enterprise Galeri Caernarfon Cyf to renovate a dilapidated building in the town’s centre and create five new homes in the process.
“It’s great to see how Caernarfon has benefitted from using Town Centre Loans to make the best of its fantastic historical assets,” said Minister Blythyn. “Once the Town Centre Loan is repaid, the money is used again to fund new loans, to bring empty and derelict sites back into use, help businesses to grow and prosper, and support activities that increase footfall on our high streets.”
During her visit to Caernarfon, Hannah Blythyn also met some the team behind the HWB Caernarfon Business Improvement District, established with funding support from the Welsh Government. Business Improvement Districts offer creative ways for companies to pool resources and work together to fund initiatives which benefit the surrounding area.
Councillor Ioan Thomas, Gwynedd Council Cabinet Member for Economic Development, said: “Visiting businesses that have benefitted from the Town Centre Loans Fund also provided an opportunity to see the real change the money has made to improve the condition of buildings in the centre of Caernarfon. It shows that the fund offers an excellent opportunity for local businesses and residents to renovate their buildings in the town centre.”
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