Business Growth Grant
Claw Back of Grant Funds
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:
- a) there has been an overpayment of funding;
- 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.