Leading the BID industry
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Last week British BIDs and the MHCLG signed a further two year contract for British BIDs to manage the BID Loan Fund. Clearly British BIDs is excited to be able to continue our support to those towns and cities that see a BID as the answer to their futures, and want to join the over 300 that already exist.
The fund of some £500,000 has been made available 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. 29 have so far been allocated.
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. 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 into assisting other locations in setting up a BID. Click here to read the latest Loan Fund Guidance notes. British BIDs has also developed a similar Local Authority Loan Fund toolkit, contact us for more information about this.
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The relationship between a BID and its Local Authority is an important one. It is...
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