- Posted by: Mike Hedges MS
- Category: Latest News
The fund has been announced as part of the Government’s response to the Business Rates Review commissioned by Welsh Labour’s Business Minister, Edwina Hart, and carried out by Professor Brian Morgan. Supporting the development of BIDs is also a key aspiration in Vibrant and Viable Places, the Welsh Government’s New Regeneration Framework, which was published for consultation by the Housing, Regeneration and Heritage Minister earlier this week.
A BID is an area where businesses have voted to invest collectively in local improvements, in addition to those delivered by statutory authorities. BIDs are developed, managed and paid for by the commercial sector through a compulsory BID levy. They are often a partnership arrangement through which the local business community and the statutory authorities can take forward projects which will benefit the local economy.
The funding will be targeted towards the development of BIDs in several towns across Wales, where local authority support and a commitment to collaborative working have already been secured. Schemes will be supported from inception through to ballot and innovative ideas, such as thematic, tourism and industrial BIDs will also be encouraged. Funding of up to £25,000 per application will be made available to support schemes.
A further £15,000 will be made available to review the two current BIDs in operation in Wales, in Swansea and Merthyr Tydfil, so that their experiences can inform any new schemes. The Welsh Government will write to local authorities and other stakeholders shortly to outline the application process for funding to assist with the development of BIDs and request that the information be disseminated within their networks.