The BID Loan Fund is an initiative funded by The Department for Communities and Local Government to assist with the development of new BIDs in town and city centres in England. To date, 24 loans totalling £782,135 have been granted. The scheme is administered on behalf of DCLG by British BIDs.
Upon a successful ballot outcome, 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, we are now able to announce on behalf of DCLG that the next tranche of funding is being made available and applications are encouraged.
If you are interested in setting up a BID and are looking at how the initial development will be funded then the BID Loan Fund might be for you. A fund of £500,000 has been made available by Government in order to facilitate the establishment and successful growth of new BIDs within England. Upon application and, subject to approval, loans of between £10,000 and £50,000 can be granted to developing BIDs and BID partnerships. On successful ballot, the loan will be repayable to the Government Loan Fund, with interest, on a pre-agreed renewal payment plan. This will enable the money to go straight back in to assisting other locations set up a BID.
You might be eligible if:
- You are a Developing BID in a town centre location
- You are a BID Partnership
- You are still in the very early days of development
- You have progressed beyond those initial stages but are still in the development phase pre-ballot
If you are successful with your application, funds will be released as stage payments pending satisfactory completion of milestones laid out in the British BIDs ‘Five Stages of BID Development’. The Five Stages cover all aspects of developing a BID to a successful ballot outcome and establishment of the subsequent BID. The BID Loan Fund is delivered by British BIDs on behalf of the Government’s Department of Communities and Local Government.
Locations awarded funding since Autumn 2013:
Tranche 1: Bermondsey & Hereford | Tranche 2: Abingdon & Sheffield | Tranche 3: Altrincham; Heart of London (Property Owner BID) & Lifford | Tranche 4: Purley; Runcorn; Oxted & Watford | Tranche 5: Leicester & Lichfield | Tranche 6: Hexham & Poole | Tranche 7: Hastings & York | Tranche 8: Cheltenham; Milton Keynes; Eastbourne | Tranche 9: Blythe; Burnley; Minehead & Morpeth
British BIDs announces a new Local Authority BID Loan Fund toolkit
The toolkit, available now, allows local authorities to provide a loan fund to BIDs at a local level. Based on a locally agreed criteria alongside nationally proven methodology, the model has recently been trialled and successfully implemented in Uxbridge, amongst others.
The toolkit has been produced following numerous enquiries from both developing BIDs and local authorities as to the availability of development funding.
Professor Christopher Turner, Chief Executive of British BIDs said:
“It is shown that, with professionally developing BIDs, following a proven criteria, investment during the development stages can yield great returns when the BID commences, thereby, repaying the loan in full. This new toolkit sets out a recommended process”.
For more information on the Local Authority BID Loan Fund toolkit, please contact us here.