Business Start-up 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. there has been an overpayment of funding;
2. 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.