A fund to bring underused commercial buildings in Llandysul, Tregaron and Lampeter back into use is helping businesses to expand and support the local economy. The Mid Wales Town Centre Property Investment Fund (TCPIF) is still open and welcoming applications.
After a four year struggle, Mark and Jayne Ludgate of the Arcade in Llandysul can expand their business thanks to a grant from the TCPIF. They wanted to develop their family business through online sales, but didn’t have the space to store, process and package stock.
Additional warehouse space was needed to solve the problem, but the cost of building the warehouse space would have been greater than the value of the warehouse when built. This meant that funding through borrowing alone was unrealistic. The grant was crucial in unlocking the Ludgates’ ability to grow their business.
The grant will allow them to use their high street location as a shop floor to greet customers. They had previously been forced to use it as storage space. They will use the money to build a warehouse outside Llandysul to keep stock to allow them to use their high street property for it’s most effective purpose.
Councillor Rhodri Evans is Ceredigion County Council’s Cabinet member responsible for Economy and Regeneration. He said: “This is a good example of why the Mid Wales Regional Partnership set up the TCPIF. In towns like Llandysul, the costs of developing property are often greater than the eventual value of the property. It makes investing through borrowing alone very difficult. The TCPIF grants are designed to close that market gap and support the plans of local businesses to expand.
If the cost of renovating an underused building is holding your plans to expand your business, I urge you to speak with your local officer to see if the fund can help you. This is important for local businesses and the broader economy.”
TCPIF is funded by Welsh Government Targeted Regeneration programme money and is available in the towns of Llandysul, Tregaron, Lampeter, Brecon, Llandrindod Wells and Newtown. Applications are welcomed from owners or leaseholders of underused properties. Applicants can get in touch with their local regional officer; firstname.lastname@example.org in Ceredigion or email@example.com in Powys to discuss eligibility.