THE Welsh Government will support Business Improvement Districts (BIDs) in Wales with their running costs for up to three months, Deputy Minister for Housing and Local Government, Hannah Blythyn has announced.
BIDs are partnerships that bring businesses and communities together to improve and promote their town and city centres. They also have a key role to play in the Transforming Towns agenda announced in January. There are currently 16 BIDs across Wales, 15 in towns and cities, and one Industrial BID in Blaenau Gwent. Providing funding support for their running costs will help ensure the BIDs can continue, and are able to be at the forefront of recovery efforts.
Announcing the funding, the Deputy Minister said:
“BIDs have been supporting businesses in our town centres across Wales for several years and we have invested over £500k in their development since 2014. BIDs are very important to delivering local regeneration, and will be critical in providing support and co-ordination to town centres during the recovery phase.”
Further advice and guidance, and eligibility details for accessing this funding will be provided in the coming weeks.
This support is in addition to £1.7bn already announced by the Welsh Government to support businesses in Wales. More than £550 million of relief grants has reached 45,000 small businesses in Wales in the space of just a few weeks. This includes grants of up to £25,000 for retail, leisure and hospitality businesses in Wales occupying properties with a rateable value of between £12,001 and £51,000 and a £10,000 grant for firms, which are eligible for small business rates relief and have a rateable value of £12,000 or less. Eligible businesses will also benefit from a year-long rates holiday.