Business Growth Grant

Funding shall be withheld and/or, insofar as payment has been made, the grant recipient shall repay funding either in whole or in part, including if:

1. a) there has been an overpayment of funding;
2. b) during its economic life, the project undergoes substantial change defined as being used for purposes other than those specified in the application, or, having a change of owner without notifying Powys County Council.

The economic life is the period up to 5 years from date of the final payment of grant and repayment of funding will be required as follows:

Within 1 year        Funding to be repaid in full

Within 2 years        80% of funding to be repaid

Within 3 years        60% of funding to be repaid

Within 4 years        40% of funding to be repaid

Within 5 years        20% of funding to be repaid

After 5 years        No funding to be repaid

The above are minimum repayment requirements

If the jobs are not created and/or safeguarded, then the County Council has the right to reclaim the grant in part or in full.

The grant must be repaid in full on demand if: -

• the applicant is found to have made any misrepresentation in connection with the application.
• the applicant has breached the provision of condition above.
• the assets and property (if applicable) are not fully re-instated within 12 months of any occurrence giving rise to loss of or damage to the property.