Nearly £500,000 of extra finance has been invested into the Caerphilly Enterprise Fund to support business.

The funding, which will be split £370,000 Capital and £70,000 revenue, has been secured to support small and medium businesses who have applied for assistance through the scheme.

It follows a decision by Caerphilly County Borough Council’s shared prosperity fund board. 

Cllr Jamie Pritchard, deputy leader and cabinet member for prosperity, regeneration & climate change, said: “Having visited businesses all across the county borough, it’s clear this fund is really offering real – terms assistance.

“In the first year, CEF provided financial support to seventy-eight businesses, contributing to the creation of 149 jobs and helping to safeguard 426 jobs. We want to go further by increasing our support, especially given the very challenging economic situation.”

Keiran Russell, chief operations officer, Welsh ICE, said: “Welsh ICE are keen to see an extension to the enterprise fund, having seen first-hand what impact it makes on Caerphilly based businesses. It provides local people the opportunity to fast track their ideas, begin generating income or expand on their current success. The fund is incredibly popular and we welcome any expansion, offering further opportunities to entrepreneurs.”