Government Announces Additional Funding for England’s Business Districts
The Business Improvement District (BID) Loan Fund has been established to assist with the development of new BIDs in town and city centres in England. BIDs are business-led partnerships which are created to deliver additional services and upgrade the environment for local businesses.
The Fund will support the development of new BIDs, in recognition that some prospective BIDs can encounter prohibitive start-up costs during their development phase.
Loans are repaid from levy receipts and, as repayments are made, further tranches of loans can be made available. Due to this recycling nature of funds, the provider has just announced the next tranche of funding has opened and applications are being encouraged.
The Fund has an overall budget of £500,000 and loans of between £10,000 and £50,000 are available, with £33,000 being the average offered to individual areas. The funds are to be used exclusively in the development of new BID proposals, which allow communities to come together to deliver additional local services and upgrade commercial areas.
High Streets Minister, Jake Berry MP, said:
“BIDs have a proven track record of upgrading commercial areas to enable business owners and entrepreneurs in our town centres and high streets to thrive. Our Loan Fund is designed to provide them with the means to drive regeneration forward and meet local needs.”
Professor Christopher Turner, British Bids Chief Executive said:
“Business Improvement Districts have been shown to be hugely successful in regenerating town centres. There are now over 300 BIDs across the UK and the Loan Fund that the government set up has been vital in helping key BIDs to emerge.”
Expressions of Interest for the eleventh tranche of the Fund are being invited until 5pm on Friday 8 March 2019.
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