On May the 1st it was announced by High Streets Minister Simon Clarke MP that BIDs across England will share £6.1m of funding to spend on projects that will help their local economies through the uncertainty of the coronavirus pandemic.
The money will be paid to local authorities and dispersed to Business Improvement Districts (BIDs).
This funding will be based on a fair percentage of a BID’s levy income from each BID’s operating year ending in 2019/20, it will help cover BIDs day to day costs for the next 3 months.
"Many BIDs are now playing a crucial role during these challenging economic times, offering hands-on support to those businesses affected, including advice services, increased security to protect businesses that have closed, and providing key intelligence to local and central government on the impact of the coronavirus outbreak on their local economies".
High Streets Minister Simon Clarke MP said:
"It’s only right that during these unprecedented times we give them all the necessary support they need to continue operating, so that they can carry on their vital work now and crucially when we move into the recovery phase from the current crisis".
By accessing this support, BIDs can ensure they continue to make a real difference to the recovery of towns and the high streets.