Grants Guidance

Types of investment: 

• Capital works to bring vacant, disused, or underutilised sites and buildings back into productive use
• Refurbishment or redevelopment of sites to create employment space, business accommodation, or enterprise facilities 
• Works to repurpose or expand growth‑ready sites and premises to support business growth and innovation 
• Enabling and preparatory works where these are required to unlock stalled or complex development sites and attract wider investment 
• Capital investment that leverages private sector or other funding and demonstrates clear additionality and long‑term economic benefit. 

Types of investment:

• External and internal works to bring vacant commercial units back into active use (this may also include improvements to underused upper floors including residential use where eligible)
• Improvements to buildings whose condition has a negative impact on the town centre environment,  
• Works that contribute to wider regeneration benefits and increased activity in town centres
• Projects which deliver improvement to historic buildings in the town centre

Key Criteria: 

• Involve a site or premises with growth potential, such as a vacant, underutilised, stalled, or expansion‑ready asset 
• Demonstrate a clear economic rationale for intervention, including market failure, abnormal costs, or viability constraints 
• Deliver measurable economic outcomes, such as business growth, job creation or safeguarding, enterprise development, or innovation
• Show how public funding will leverage private sector or alternative investment and deliver additionality 
• A total of £625,000 of funding is available from GrowthSpace, applications cannot therefore exceed this limit.
• The overall funding pot may fund one single project, or a series of projects, depending on the applications received. 

Key Criteria:

• Be located within a designated town centre boundary (i.e. Abergavenny, Caldicot, Chepstow, Magor with Undy, Monmouth, or Usk) 
• Involve capital improvement works to an existing building 
• Deliver clear regeneration benefits to the town centre, such as reduced vacancy, improved appearance, or increased activity 
• Represent good value for public funding 
• The maximum grant available for an individual project through this process is £75,000 (however additional funding may be available in exceptional circumstances for those projects that have been identified as a strategic priority)

• In certain circumstances, a single project may receive funding from both of these grants. 
• Be deliverable within an agreed timeframe and supported by an appropriate development strategy or plan