Ymlaen Llanelli is the 8th Business Improvement District (BID) to be established in Wales. It is led by town centre businesses and aims to give businesses a stronger more collaborative voice and the power to lead change for the town centre.
What is a BID?
There 240 BIDs in the UK, seven of which are in Wales: Newport, Swansea, Caernafon, Bangor, Neath, Colwyn Bay and Merthyr Tydfil. In April 2014, the Welsh Government announced their support toward BIDs and awarded funding to nine towns to encourage development.
A BID is a business-owned, led and funded company, with four distinctive characteristics:
- It is set up by a democratic ballot of all businesses in the proposed BID area.
- If the businesses vote ‘yes’ to a BID, they pay a levy based upon the current rateable value of their property. The BID, which would be owned by member businesses who fund the company, use this money to tackle the issues that businesses have identified.
- BID services have to be in addition to the services provided by the council, the police and others.
- A BID term is up to 5 years, at which time they can seek renewal through a further ballot.
What can a BID do for Llanelli?
Following a feasibility study of 70 businesses in Llanelli, a program is being developed based on these findings. This looks to…
For more information please visit our documents page or get in touch!