An interest-free loan scheme aimed at supporting town centre regeneration within three key town centres In Powys has been boosted by an extra one million pound, the county council has announced.
Powys County Council has secured an extra £1million from the Welsh Government’s Town Centre Loan Scheme, which was introduced to improve town centres in Wales. Not only does the loan support town centre regeneration, it is hoped it will develop them as vibrant and viable places.
The interest-free loans, which can be used within the town centres of Llandrindod Wells, Newtown and Brecon over the scheme’s 15-year duration, is to reduce the number of vacant, underutilised and redundant sites and premises within the town centres.
The loans can be used for a range of regeneration projects including brownfield site development to returning empty business/residential units back into use.
The extra money follows on from the £1.25m that the council successfully secured in 2015, which is now being used to returning 37 residential and one business unit back into use in Newtown and Llandrindod Wells.
The loans are available to residential and commercial property owners and are repayable within five years. They will then be ‘recycled’ for use on other projects. This 15-year scheme focusses on business units and affordable housing.
Cllr Tony Thomas, Cabinet Member for Regeneration and Planning, said:
“I’m delighted that we have secured an additional £1m as part of the Town Centre Loan Scheme. “Empty and underutilised properties in town centres can be an eye sore but this scheme is the type of initiative that will invigorate our towns and encourage investment into the county. The scheme will support the diversification of town centres and also encourage more sustainable uses of empty sites and premises such as residential, leisure or for key services. “I’m pleased that the Welsh Government is tackling this issue. We will continue to work closely with the Welsh Government and our other partners to deliver real economic benefits for the Powys economy.”