Government to offer business improvement district promoters £50,000 loans
A new £500,000 pot launched yesterday from the Department for Communities and Local Government will help local businesses generate extra funds and overcome initial start-up costs for projects to develop and improve their town centres.
Lewis announced the loan fund scheme while on a visit to the successful Bedford BID yesterday, where he was attending the third meeting of the Future High Street’s Forum. The forum brings together leaders from across local government, retail, property and business to better understand the competition town centres across the country face and to drive forward new ideas and policies.
'Re-energising'
Lewis said: “Local communities and local businesses know what works best in their area and business improvement districts help them to successfully raise they cash the need to re-energise their high street. Having experts like British BIDs manage our £500,000 loan fund will mean the right communities will be able to take advantage of this new support.”
He added that the scheme is one of a range of measures the Government has put in place to help the high street, including doubling the amount small businesses and shops get in business rate relief to a total of £900m; cutting National Insurance and corporation tax; and encouraging local innovation and best practice through projects including “town teams”.
Tackling bureaucracy
“We have also changed bureaucratic planning rules to make it easier for empty high street shops to be brought back to life and we are now tackling unpopular parking practices that reduced parking spaces and increased parking charges deterring potential shoppers from coming to town,” he continued.
There are currently over 160 BIDs across the UK working on issues such as town centre safety, improvement of public realm, support for local traders and parking initiatives.
'Delighted'
Dr Julie Grail, chief executive of British BIDs said: “As the industry grows and becomes ever more complex, the concept and need for a loan fund, in order to facilitate the successful growth of quality business improvement districts in England is well understood.
“British BIDs, the voice for business improvement districts in the UK, is delighted to be in a position to deliver this fund, on behalf of the Department for Communities and Local Government, and looks forward to continuing to play a significant role in the future establishment and growth of strong, effective business improvement districts in England.”
