04.05.20
£6.1m in funding for high streets and town centres
A support package of £6.1m has been announced by the Ministry of Housing, Communities & Local Government to support high streets and town centres in England through the coronavirus crisis.
High Streets Minister Simon Clarke MP confirmed the funding on Friday (May 1), giving hundreds of local businesses a lifeline to fund projects to help their local economies through this period.
The £6.1m will be delivered through local authorities and distributed to various Business Improvement Districts (BIDs). BIDs are local business partnerships that unite developers and communities, giving a solid economical foundation to local areas and facilitating regeneration.
Many BIDs have stepped up throughout this crisis and provided crucial support in a time of unprecedented economic uncertainty. Their hands-on support for affected businesses, includes advice services, increased security and key insight for local and central Government into the landscape of local economy throughout the pandemic.
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.”
The funding adds to the measures already in place to support business and workers in this emergency, such as the ‘Furlough’ scheme, £330bn in loans for businesses, VAT deferral until the end of June 2020 and £12.3bn in grants for eligible businesses in the retail, hospitality and leisure sectors.