The Government has announced £6.1 million of funding for Business Improvement Districts (BIDs) to mitigate the effects of coronavirus.
The money will be paid to local authorities and dispersed to Business Improvement Districts. These are local business partnerships that bring developers and communities together to provide local leadership, drive regeneration and deliver projects and additional local services.
BIDs are proven to be successful in securing private investment and have a significant role to play in high street regeneration: in 2019, BIDs across England raised over £106.7 million through levy payments to invest back into their respective towns and cities.
Many BIDs are now playing a crucial role during these challenging economic times, offering hands-on support to affected businesses, including advice services, increased security to protect businesses that have closed, and providing key intelligence to local authorities and the Government on the impact of the coronavirus outbreak on their local economies.
Lucy Allan MP said:
"The Government has rightly recognised the key role that Business Investment Districts play in supporting our high streets. This additional funding is very welcome and will help our town centres build resilience against the effects of the coronavirus."
