SMALL businesses in Aberystwyth are set to benefit from £250,000 handed to the county council by the Tesco and Marks and Spencer developers.

The money, which has been paid to the council as part of the capital receipt for the Mill Street development, will be handed over to the controversial Business Improvement District project.

Under an agreement, the money must be used to assist small independent businesses in the town and Cabinet members want to ensure that the money is spent in the best possible way after concerns were raised by Cllr Elizabeth Evans about how the cash would be used.

A report by Peter Austin, of the council’s economic development department, said: “Arrangements need to be made to ensure that the monies provided are put to the intended purpose. This should include defining the type of projects and initiatives that are considered to contribute to the independent retail sector in the town.

“As a body representative of the retail sector in the town, the Aberystwyth BID company ‘Advancing Aberystwyth Ar Y Blaen’ is seen to be the logical vehicle via which this funding is allocated and that the funds be used to support projects and initiatives outlined in the BID proposal."

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