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Loans for business support

Loans for business support

Published by the Pirate FM News Team at 6:31pm 7th May 2020.

By Richard Whitehouse, Local Democracy Reporter 

Cornwall Council is offering financial support during the coronavirus crisis for business improvement districts (BID) which work to support and help town centre businesses.

There are eight BIDs in Cornwall which work to help promote the towns and areas where member businesses are based.

They are funded through rates which are paid by businesses in their areas but they have seen that funding affected by the current crisis. Some BIDs said they were not expecting members to pay their rates while they were forced to close due to the current restrictions.

As a result the council has now offered loans which can be used by the BIDs to run projects now and in the recovery period.

There are BIDs in Truro, Falmouth, Newquay, St Austell, Penzance, Newham, Camborne and St Ives.

“We are offering the BIDs loans of up to £600,000 to help them to recover from the impact. There are eight BIDs representing more than 2,000 businesses across Cornwall. Our town centres have been hit hard by the pandemic and as a result our BIDs face an uncertain future when their work is as important as ever.”

             Cllr Julian German, Cornwall Council leader 

Cllr German said the loans would be provided by using £4 million the council had set aside for a town centre regeneration fund. He said it would aim to have the money paid back by 2022.

The independent councillor said the council would also be looking at what help could be provided for town centres which do not have BIDs.

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