A council initiative which provides financial help to businesses across the city has proven to be a huge success.
Cardiff Council launched the Cardiff Capital Fund in April 2009 as a direct response to the economic downturn.
The Fund offers financial assistance in the form of grants, loans and equity investments to new and established businesses within the Cardiff’s key sectors – creative industries; bio/life science; ICT; manufacturing; business and financial services; and green technologies.
The Fund is divided into two categories – the New Enterprise Start-up Fund and the Capital investment Fund – and to date 45 companies have benefited, with almost £800,000 being paid out, creating an estimated 524 jobs.
The Council recently agreed that enhanced resources should be made available to companies through the Fund, broadening the package of support, and this has increased the Fund’s long-term viability and further enhanced its reputation.
The Capital Cardiff Fund for the current financial year is £734,245 and to ensure its long term sustainability a priority is being placed on equity and loan funding, with grant funding for new start companies in Cardiff.
Cardiff Council’s Executive this week also agreed to continue the support of social enterprises through the Fund, which will provide the Council with greater flexibility to support projects that reflect the aspirations of the Council.
Two local companies who have recently received loan funding to enhance their businesses are Theatrical Make-Up Training Centre Ltd and Bay Productions Ltd.
Theatrical Make-Up Training Centre, who received a £13,500 loan to improve its premises, was set up in September 2008 by Pauline Aitken. Located on Herron Road, Rumney, the company provides a full range of courses in theatrical and stage makeup.
The courses cover a range of special effects, stage make-up, face and body painting and the application of latex pieces.
Through the Council’s support, the company will house additional courses and develop the number of courses on offer at one time.
Bay Productions Ltd provides a ‘one stop’ facility offering the construction, manufacture and finishing of scenery sets for opera, theatre, TV and film industries. The company develops products from scale models and concept drawings through to full size production.
It received a loan of £50,000 towards new equipment and work to their unit located off Portmanmoor Road, Cardiff.
As a result of funding, 15 new skilled jobs will be created immediately and a further 30 to 40 jobs over the next three years.
Deputy Leader and Executive Member for Economic Development, Councillor Neil McEvoy said: “Now, more than ever, businesses need vital support and advice and I am delighted to see the Capital Cardiff Fund still providing important funding.
”The work of the Capital Cardiff Fund is going a long way to ensure companies in Cardiff have the support they need and I think it is important we are moving away from the dependency culture of grants and looking at more innovative ways to assist companies by way of equity investment”.
For more information about Capital Cardiff Fund, please call 029 2087 3158.
