Call for more communities to pilot local investment models in their local area.
Arloesi Gwynedd Wledig and Arloesi Môn, two of Menter Môn's schemes, have announced that they are expanding their internal investment project to several new areas across Gwynedd and Anglesey.
Back in 2015 Be Nesa Llŷn was established - an interest-free loan fund for young people in Pen Llŷn to start or develop a business or social enterprise in the area.
Eleven business people in Llŷn invested their money in the fund, which has now been recycled so many times that 15 businesses and social enterprises have received over £70,000 worth of interest-free loans from them. The loans of up to £5,000 helped towards purchasing equipment, training costs, marketing and hiring work spaces.
One local businessman who has invested in the fund is Geraint Jones, Becws Islyn:
“We want to try and do as much as we can for the community and keep young people here... if we got more young people to start their own businesses here then more money would stay in the villages. Now’s a good time for business people to invest and help young people get started.”
"The loan has really helped the business - it has helped me develop the business in terms of revenue... I hope it develops and gives someone else a chance to start their own business locally as well." Rebecca Hughes, Tylino
The fund is also available to social enterprises. Clwb Hoci Pwllheli used funds from the fund to purchase floodlights for the pitch:
"The process was extremely easy, and we had lots of advice. Without that money we wouldn’t have these floodlights today - and that’s enabled us to book the pitch out. There's a lot of things going on now and people wouldn’t have had this access without the support.”
Following the success of the Be Nesa Llŷn fund and a number of enquiries from outside the area, Arloesi Gwynedd Wledig and Arloesi Môn are to fund and establish a number of brand-new funds for communities across the two counties.
This project has received funding through the Welsh Government Rural Communities - Rural Development Programme 2014-2020, which is funded by the European Agricultural Fund for Rural Development and the Welsh Government. The project has also received funding from the Nuclear Decommissioning Authority, Gwynedd Council and the Isle of Anglesey Charitable Trust.