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Gloucestershire Business News

£6.1 million funding boost for BIDs

Hundreds of local business partnerships 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 Government has said.

The money will be paid to local authorities and dispersed to Business Improvement Districts (BIDs).

Many BIDs, including our county-based Cheltenham BID and Gloucester BID, are now playing a crucial role during these challenging economic times.

They continue to offer 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: "The government has announced a comprehensive programme of support for businesses to help them deal with the economic impact caused by the COVID-19 pandemic and today we are extending that support to Business Improvement Districts.

"BIDs are uniquely placed and have a proven track record of success in supporting local businesses, empowering communities, championing our town centres and driving forward the renewal of our high streets.

"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."

Simon Quin, executive director of the High Streets Task Force, said: "BIDs have established networks and capacity in their local areas which provide vital coordination and help, both for businesses getting back on their feet and for communities that will need guidance and reassurance to return to the high street, when it is safe to do so.

"By accessing this support, BIDs can ensure they continue to make a real difference to the recovery of our town and city centres.

"BIDs are proven an effective vehicle of leveraging 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. Their role will be even more important in the recovery phase from the current crisis."

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