Priority Area 1: Supporting Local Business

Introduction 

Supporting local businesses is central to the Shared Prosperity Fund in Powys. This initiative aims to bolster the local economy by aiding businesses in their growth, innovation, and success. The fund offers crucial support to micro, small, and medium-sized enterprises (SMEs) in the county, fostering entrepreneurship and job creation. 

The focus on local businesses is geared towards driving economic growth by helping businesses in Powys thrive, innovate, and adapt. With over 95% of businesses in Powys being micro-businesses, this priority seeks to provide tailored support to enhance productivity, encourage innovation, and generate high-quality job opportunities. 

Key initiatives include: 

• Funding and Support: Assisting businesses in expanding, adopting new technologies, and diversifying into new markets. 
• Upskilling and Innovation: Offering access to training and resources to improve workforce skills and drive innovation. 
• Resilience and Recovery: Helping businesses recover from pandemic-related challenges and prepare for future growth. 

By nurturing the entrepreneurial spirit of Powys and supporting its businesses, this priority contributes to a stronger, more resilient local economy. 

Budgets 

Allocation 2022/23

Investment Priority  - Supporting Local Business 

Capital Allocation £0

Revenue Allocation £1,058,056 

Allocation 2023/24

Investment Priority  - Supporting Local Business 

Capital Allocation £317,417 

Revenue Allocation £1,798,696  

Allocation 2024/25

Investment Priority  - Supporting Local Business 

Capital Allocation £1,062,641  

Revenue Allocation £4,481,574  

Total Programme Allocation

Investment Priority  - Supporting Local Business 

£8,718,385  

Please note that the budgets for each priority area are currently displayed as allocated amounts. Once all data has been collected, they will be updated to reflect actual expenditure.  

Objectives 

• Business Growth: Support for new and existing businesses in Powys to help them grow and thrive, including financial assistance, knowledge transfer, and infrastructure development. This includes grants and loans for business expansion, as well as mentoring and advisory services. 
• Feasibility Studies: Funding for feasibility studies to explore new business opportunities and assess the viability of potential projects in Powys. This helps identify promising ventures and ensures that investments are well-informed and strategic. 
• SME Support: Initiatives to help small and medium-sized enterprises (SMEs) in Powys transition from early growth to sustainable medium-sized businesses, providing higher-paid employment opportunities. This includes support for scaling operations, accessing new markets, and improving productivity. 
• Natural Hazard Protection: Grants and support to protect businesses in Powys from natural hazards, such as flooding and coastal erosion, ensuring their resilience and sustainability. This includes funding for flood defences, emergency planning, and business continuity measures. 
• Innovation and R&D: Encouraging investment in research and development to drive innovation and competitiveness in the local economy. This includes support for collaborative projects between businesses and research institutions, as well as funding for new technologies and processes. 

 Key Achievements 

Supporting Local Business is forecast to achieve: 

• 51 projects approved and delivered across Powys 
• 350 new jobs created through business development grants and schemes. 
• 230 businesses  adopting new technologies, improving productivity and competitiveness. 
• Sustainable energy projects launched, reducing carbon footprints and enhancing local green initiatives. 

Please note that the achievements for each priority area are currently displayed as the forecast amounts. Once all data has been collected, they will be updated to reflect actual achievements.  

Case Studies 

Project Case Studies to be uploaded for this priority area shortly.

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Approved Project List 

Supporting Local Business - Approved Projects (PDF, 172 KB)