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.’
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