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 allow communities to come together to deliver additional local services and upgrade commercial areas for the benefit of business.
There is up to £95,000 available for this latest round of funding, which will support up to 4 prospective BIDs. The funds are to be used exclusively in the development of new BID Proposals.
The minimum loan to any location is £10,000 and the maximum £50,000, with funds to be used exclusively in the development of new BID Proposals. The average received by successful applicants has been £33,000.
The Loan fund can be used for all of the five stages of BID Development i.e.:
- Local Authority
Alternatively, the loan can be used for the latter stages of more advanced applications.
Expressions of Interest in the Loan Fund are to be received by 8th March 2019, with completed applications by 10th May 2019.
In 2014, the Altrincham BID was awarded £40,000 from the 3rd round of the Loan Fund, which supported it to overcome prohibitive start-up costs during development. This bold vision paid off, turning around a shop vacancy rate of 30%, one of the highest shop vacancy rates in the UK.
Contact British BIDs at mailto:firstname.lastname@example.org for an application form and guidelines.