Communities across the country can bid for up to £50,000 to help make local areas more attractive for business, the high streets minister has announced.
The latest round of the £500,000 British Improvement Districts (BIDs) Loan Fund will support business owners and local leaders to set-up a BID, which helps to deliver additional local services and upgrade commercial areas.
‘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,’ said the high streets minister Jake Berry.
‘Whether through promoting longer opening hours, more security for shops or pedestrianised shopping districts, BIDs are a go-to vehicle through which you can reimagine your high street or town centre.
‘Those on the ground know what works. 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, commented: ‘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.
‘Thus far 29 loans of between £10,000 and £50,000 have been allocated through the British BIDs application process, and BIDs have been able to use this loan funding to develop their proposals and support the ballot process.’