A loan fund established by Gwynedd Council is enabling property owners in the Bangor city centre area to renovate their properties.
The £850,000 loan fund was established following a successful Council bid for Welsh Government funding. The fund has assisted Domu to open a coffee shop situated at 206 High Street, Bangor, which opened on August 1st.
Financial assistance was provided through Gwynedd Council’s Bangor City Centre Loan Fund in order to renovate the premises and to facilitate the opening of the new enterprise of a coffee shop which will also offer vegetarian food.
Dale Hibbert, proprietor of Domu said: “With the aid of the Bangor City Centre Regeneration fund, Domu have completely refurbished the historic Kings Arms public house, which was boarded up and unused for quite some time.
“The Kings Arms, first listed as a public house in 1820, and opposite the Cathedral, holds nostalgic memories for many locals. It will now become a usable community space once again."
Councillor Ioan Thomas, Gwynedd Council Cabinet Member for Economic Development said:
“It’s heartening to see how this funding is being used by local property owners to improve the condition of buildings in Bangor city centre. Over the years the Council has been working closely with its partners in order to regenerate the area, with the available loans providing an excellent opportunity for businesses and residents to renovate their buildings in the city centre.
“As a Council we urge people who believe they are eligible to contact our business support team, where our officers will be more than happy to provide more information and assistance about the funding available.”
The Welsh Government has also approved a funding application by Gwynedd Council towards the setting up of an interest free loan scheme for owners of premises in need of improvement, located within the centres of Caernarfon, Penygroes and Bethesda.
These Loan Funds can provide an interest-free loan to property owners in the centre of Caernarfon, Bangor, Bethesda and Penygroes to complete improvements or to make use of existing vacant premises. The fund is administrated by Gwynedd Council and financed by the Welsh Government.
For full details about the scheme, contact Gwynedd Council’s Business Support Team by emailing firstname.lastname@example.org, calling 01286 679231 or visit the website: www.gwynedd.llyw.cymru/financialassistance