A SCHEME aimed at benefiting Okehampton's trading environment is being investigated as a way of boosting the town and its economy.

The Business Improvement District Scheme (BIDS), which works as a partnership between a local authority and the local business community, improves the trading environment by developing projects and services in the area.

Chairman of Okehampton and District Chamber of Trade Ian Bailey said they first heard about the scheme from a borough councillor: 'The scheme, if successful, would bring much needed money into the town to promote Okehampton and keep providing the initiatives we do to keep it looking vibrant.'

Mr Bailey said it was hard to expect private retailers to contribute every year for the ongoing costs in these difficult financial times.

'If we are to help regenerate the town, this type of money must be forthcoming.

'We know that Tavistock are applying at the moment and I see no reason why Okehampton shouldn't be able to benefit from this scheme.

'We are just trying to find out more about it — once they have progressed in Tavistock, they can inform us on how we can.

'It would be great to think that we could get this sort of money to help benefit the town.'

The scheme is funded by a levy on businesses within the BID boundary and is dependent on support from at least 75% of them.

The money would then be collected by the borough council and paid into a ring-fenced BID account to pay for a range of agreed services to improve the vitality and viability of the town centre.

Mr Bailey said the next step was for the chamber to put together an application: 'We are not sure what we will ask for because we want to look at our finances for the next five years.

'We need to take into consideration for instance, that all our Christmas lights need replacing, which could cost in the region of at least £10,000.

'Each year our hanging baskets cost between £1,300 and £1,500.

'All that at the moment is coming from public prescription, chamber funds and donations from Okehampton Town Council.

'It will make a lot of difference to be a part of BIDS and will give us a lot of surplus cash to promote Okehampton and its tourism.

'These are very early days and it is a very exciting opportunity — I look forward to progressing it further.'

Chairman of Devon County Council Christine Marsh, who is also a West Devon Borough Councillor, said: 'Anything that will help and encourage business in Okehampton, I fully support.

'Hopefully, it will help the town, but we still need to keep the local economy going and support it where we can — because it underpins our whole way of life.

'I think BIDS sounds like it is something that could really benefit the town and that's exactly what Okehampton needs at the moment.'