Business start up grant
In this section
12. Claw Back of Grant Funds
Funding shall be withheld and/or, insofar as payment has been made, the grant recipient shall repay funding either in whole or in part, including if:
- there has been an overpayment of funding;
- during its economic life, the project undergoes substantial change defined as being used for purposes other than those specified in the application, or, having a change of owner without notifying Carmarthenshire County Council.
The economic life is the period up to 5 years from date of the final payment of grant and repayment of funding will be required as follows:
|
Date of disposal of asset(s) |
Amount to be repaid |
|---|---|
|
Within 1 year |
Funding to be repaid in full |
|
Within 2 years |
80% of funding to be repaid |
|
Within 3 years |
60% of funding to be repaid |
|
Within 4 years |
40% of funding to be repaid |
|
Within 5 years |
20% of funding to be repaid |
|
After 5 years |
No funding to be repaid |
The above are minimum repayment requirements
If the jobs are not created and/or safeguarded, then the County Council has the right to reclaim the grant in part or in full.
The grant must be repaid in full on demand if: -
- the applicant is found to have made any misrepresentation in connection with the application.
- the applicant has breached the provision of condition above.
- the assets and property (if applicable) are not fully re-instated within 12 months of any occurrence giving rise to loss of or damage to the property.
