Plans for the construction of a new a multi-million pound indoor and outdoor events venue in Pontardawe, South Wales, have received a funding boost from the Welsh Assembly Government.

The Arena Pontardawe community enterprise organisation is behind the scheme, which has received funding to cover the costs of a four-day consultancy with a revenue specialist to help update the project's business plan and develop financial forecasts. It is hoped that the financial documentation will enable bids to be submitted for financial assistance and grant aid for the new venue, which will be built on a 15-acre (6.1-hectare) site at the disused Glanrhyd Industrial Estate.

Designed by Atkins Global, the development has already received planning permission from Neath Port Talbot County Borough Council and will host a range of activities, including equestrian, cultural and sporting events. The first two phases of the scheme are set to cost £1.3m, although the total cost is expected to rise to around £5m if a third phase, incorporating a large, adjoining indoor arena, is approved.

Ieuan Wyn Jones, Welsh minister for the economy and transport, said: "The Fund can provide support for large companies with ambitious expansion plans but also has an equally important role to play in providing funding for smaller organisations and social enterprises like Arena Pontardawe that are working for their communities." Adrienne Howes, treasurer of Arena Pontardawe, added: "We needed professional help and advice which could not have come at a better time and enables us to move ahead with the project.

"Pontardawe has an extremely strong and supportive community with a large number of voluntary organisations, groups, clubs and societies that will all benefit from a facility like this to host their many events and activities."