NEW businesses could receive up to £6,000 each from the council to help start their ventures in Newport city centre.

Newport City Council is planning to renew its vacant commercial floor space grant to fill empty commercial units and increase footfall.

The money will pay towards the rent of new or extra floor space for at least a year and will only be available for independent businesses and franchisees.

A council report says: “The Friars Walk scheme has rejuvenated the city centre. Whilst this has attracted new retailers in to the new shopping scheme and in some cases into Commercial Street, there remains a high level of vacant commercial floorspace.

“It has been identified that business support and rents in Newport may be prohibitive to new and expanding businesses.”

A separate grant aims to help existing small medium enterprises (SMEs) with rent for new space and equipment provided it is linked to the creation of at least one full-time job.

The council are also willing to cover half of the relevant cost up to a limit of £1,500 per area of support, with businesses able to claim a maximum of £4,500.

Both grants make up £40,505 of the planned £60,000 which will be withdrawn from the council’s business development fund.

The report continues: “Business start-up rates have increased in recent years in Newport.

“The proposed fund is intended to continue to stimulate entrepreneurship and tackle Newport’s historical reliance on a relatively small number of major employers.”

According to the report the fund was used to support the opening and expansion of several city centre businesses such as Le Public Space, Hi-Coffee and Tatra Consultancy.

A pop-up business school event was also supported by the scheme, with more than 75 individuals receiving support and 27 new businesses being started.

Future pop-up events will be supported by up to £17,000 in the latest wave of funding.

A further £2,495 will be spent on the COBWEB subscription which allows businesses to access regulatory advice and guidance.

The spending plan will be signed off by the council next week.