Funding to Boost COVID-19 Recovery Efforts by Wales' Business Improvement Districts

Funding to Boost COVID-19 Recovery Efforts by Wales' Business Improvement Districts

Thursday, 7 May, 2020

The Welsh Government has confirmed it will support Business Improvement Districts (BIDs) in Wales with their running costs for up to three months in an effort to support the recovery of local towns following the coronavirus outbreak.

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. There are currently 16 BIDs across Wales - 15 in towns and cities, and one Industrial BID in Blaenau Gwent.

The Welsh Government hopes that by providing funding support for BIDs' running costs, it will help ensure they can continue and be at the forefront of country's COVID-19 recovery efforts.

This support is in addition to £1.7 billion already announced by the Welsh Government to support businesses in Wales through the coronavirus outbreak. More than £550 million of relief grants has reached 45,000 small businesses in Wales in the space of a few weeks. This includes grants of up to £25,000 for retail, leisure and hospitality businesses occupying properties with a rateable value of between £12,001 and £51,000; and £10,000 grants for firms which are eligible for Small Business Rates Relief and have a rateable value of £12,000 or less.

Announcing the funding, the Deputy Minister for Housing and Local Government, Hannah Blythyn said:

'BIDs have been supporting businesses in our town centres across Wales for several years and we have invested over £500,000 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, guidance and eligibility details for accessing this funding will be provided in the coming weeks.

GRANTfinder is closely monitoring all the relevant news about the coronavirus (COVID-19) and the consequences for the funding landscape. This dedicated page will keep you updated on which funds and extra support have been announced to counteract the impact of the outbreak. 

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