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More financial help for struggling town centres in Cornwall

More financial help for struggling town centres in Cornwall

Published by Sarah Yeoman at 12:38pm 11th May 2020.

Town centres in Cornwall that are struggling amid the coronavirus pandemic are being offered more support.

Interest free loans of up to £600,000 are being made available to Business Improvement Districts (BIDs).

The cash flow, coming from Cornwall Council, will go towards helping local economies across the Duchy.

Between them, Cornwall's eight not-for-profit BIDs – Falmouth, Newham Industrial Area, Newquay, St Austell, St Ives, Penzance, Truro and Camborne – represent and support more than 2,000 businesses and play a vital role in encouraging visitors, representing traders’ interests and regenerating town centres.

market jew street penzance

With town centres hit hard by the coronavirus pandemic, especially in coastal and rural areas such as Cornwall, officials say that BIDs face an uncertain future at a time when their role in boosting local economies and developing long-term plans to protect the future of their towns is needed more than ever.  
The Council’s cash flow support is in addition to the Government funding for England’s BID industry announced last week

“This is very good news and we are pleased to be working alongside Cornwall Council to provide extensive further support to our Cornish businesses and towns at this crucial time. 

“A collaborative approach is what’s needed and this news acknowledges the integral part that BIDs will play in the extensive recovery and revitalisation plans that are being formulated for our communities. I’d like to also highlight the work of my colleagues across Cornwall; a really good example of the town management industry in the region working productively together to help secure this funding boost.” 

Richard Wilcox, Falmouth BID manager and Co-Chair of the Cornwall BIDs group

falmouth google maps august 2016

Funding will come from the Council’s £4m ring-fenced Town Centre Regeneration budget with the agreement that the money is paid back by the BIDs by 2022.  

The Council will be looking at other ways it can support town centres that do not have a BID in place. 

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