19 September 2023
Newport City Council is offering more financial assistance to local businesses thanks to funding from the UK government’s shared prosperity fund, part of its levelling up agenda.
For several years, the council has given grants to small and medium-sized businesses in the city to help with start-up and other costs and this is continuing.
However, the new accelerated growth grants programme will build on what has been a very successful scheme by offering grants of between £25,000 and £75,000 towards capital investment.
Councillor Jane Mudd, leader of Newport City Council, said: “Our ambitious vision for the city’s growth and development has seen the city centre undergo one of the largest regeneration programmes in the UK.
“Projects delivered so far have delivered significant transformation and opportunities. Growing confidence in Newport has set the foundations for the city to capitalise on its economic potential.
“But this cannot be done by the council alone and we have adopted a collaborative approach with our enterprising local businesses. They are the lifeblood of our communities and our economy.
“We know the business sector has faced challenges in recent years and so we want to continue to offer support whenever and however we can.
“We know our City of Newport business grants have made a real difference to many small and medium-sized and now the accelerated growth programme will help existing companies and inward investors to make a significant commitment to the long-term growth of the local economy.
“Together, we can ensure the city of Newport achieves its potential for the benefit of the local economy, the businesses and the residents.”
The accelerated growth programme is aimed at well-established or new companies to set up premises or for existing city businesses to accelerate their plans for growth.
The grants will be offered as match funding for equipment that is essential for the establishment of a new business or enables the business to grow substantially.
Potential applicants are being invited to get in touch with the council’s expert business services team first who can talk them through the process and assess their eligibility. The scheme is due to run until early 2025.
Email business.services@newport.gov.uk or telephone (01633) 656656 to discuss your business needs.