The investment will assist Nuneaton Business Alliance (NBA), a voluntary organisation made up of local businesses and supported by FindaBiz, in its feasibility study into having a BID which will develop projects and services in support of the local business community and help improve their trading environment.
The initiative, first proposed by the Ropewalk Shopping Centre in Nuneaton, could help to bring in more customers to the town centre, offering a unique shopping experience.
The council will await the results of that study with interest and will comment further upon production of the report. It is also willing to support a similar venture in Bedworth should the businesses there wish to.
Dennis Harvey, Leader of Nuneaton and Bedworth Borough Council, said: “This shows how important our town centre is and that we want to support local businesses so that they thrive and bring in trade and customers.
“It will undoubtedly improve the public realm and make it more attractive and usable. If successful, the BID will help shape our town centre’s future for the next five years.
Tony Wilkes, Centre Manager at the Ropewalk Shopping Centre said: "I'm thrilled that the BID has been supported by the council.
“The shopping centre has been working hard over the past 12 months to support this initiative and I couldn't be prouder to be working in partnership with the council."
Amanda Bourne, Secretary of Nuneaton Business Alliance, said: “This is fantastic news for Nuneaton and were pleased the council are looking to work with us to make our dream a reality.