SMEs within the boundary of the proposed Newport Business Improvement District could qualify for rate rebate in a new scheme.

A one-off grant fund of £160,000 has been allocated to Newport City Council to support businesses which are negatively impacted by the postponement of property revaluations.

Councillor John Richards, the council’s cabinet member for regeneration and development, and Councillor Gail Giles, cabinet member for human resources and assets, have agreed that the scheme should benefit businesses within the proposed BID.

They have to meet the regeneration aspirations within the city centre and not have already benefitted from rate relief.

To qualify, businesses will have to:

• Employ fewer than 50 people

• Have properties with a rateable value of more than £12,000 but less than £80,000

• Complement the vibrant and viable places programme

• Wish to safeguard jobs, recruit or offer work experience to Newport residents.

Following the decision, applications will now be invited from businesses within the Business Improvement District. The funds will be distributed among all those who apply and meet the criteria.

Councillor Richards said: “Excellent progress is being made on the regeneration of the city centre but we recognise that some smaller businesses may still be under financial pressure, particularly because of the delay in the rate revaluation in Wales, and this scheme will help to alleviate some of that burden this year.

“Our business services team can provide more information on this scheme and on other practical and financial assistance that is available to companies across the city.

Councillor Giles said: “Allocations from this scheme could make a positive difference to some businesses in the city centre and I urge those who qualify to make an application

“The council is doing everything in its power to support our city centre and we are already seeing the positive results of both completed projects, those that are underway and the promise of much more on the horizon.”

Find out more about Newport City Council’s business services team at www.newport.gov.uk/business or call them on 01633 656656.