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. A fund of £500,000 has been made available by Government in order 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. 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 in to assisting other locations set up a BID.
You might be eligible if:
- You are a Developing BID in a town centre location
- You are a BID Partnership
- You are still in the very early days of development
- You have progressed beyond those initial stages but are still in the development phase pre-ballot
If you are successful with your application, funds will be released as stage payments pending satisfactory completion of milestones laid out in the British BIDs ‘Five Stages of BID Development’. The Five Stages cover all aspects of developing a BID to a successful ballot outcome and establishment of the subsequent BID. The BID Loan Fund is delivered by British BIDs on behalf of the Government’s Department of Communities and Local Government.
Should you wish to apply for a loan or simply gather more information before making a decision, please email the British BIDs team at email@example.com
Locations awarded funding since Autumn 2013:
Tranche 1: Bermondsey & Hereford | Tranche 2: Abingdon & Sheffield | Tranche 3: Altrincham; Heart of London (Property Owner BID) & Lifford | Tranche 4: Purley; Runcorn; Oxted & Watford | Tranche 5: Leicester & Litchfield | Tranche 6: Hexham & Poole | Tranche 7: Hastings & York