A loan of up to £27,500 has been promised to Grantham Business Improvement District (BID) by the local council.
Grantham BID is a project designed to help business throughout the town flourish. The amount of money loaned to the project will depend on a business development plan which must be put to the council.
SKDC Leader Bob Adams said: “We support the policy of Grantham growth and are happy to support the BID in its ambitions and help them make a success of it.”
Coun Adams said the BID project engaged the vibrant Grantham business community in its aim to support the economic prosperity of the town.
A company, Go Grantham Ltd, was set up to drive the BID. Chairman of the company Stuart Pigram told the Journal it was a ‘massive’ boost to get the financial support of the district council and also Lincolnshire Chamber of Commerce.
Mr Pigram said: “We are delighted to secure funding from SKDC and the Lincolnshire Chamber of Commerce. We will be working extremely hard to continue to communicate the BID to businesses in Grantham as well as to gauge opinion as to how this fund and project can improve the entire area.”
He added: “I think that this development shows a true commitment from the private and public sectors to actively develop Grantham and I am very much looking forward to developing the opportunities this may bring.”
Mr Pigram said the BID, a five-year project, is due to start from the end of 2016 and could provide an investment of £2 million in business improvements to the town.
The Grantham BID is an area within which businesses pay a levy on their business rates. This percentage, likely to be one per cent, is spent on improvements within that area, which in Grantham stretches from Gonerby Moor, to Alma Park, to Spittlegate Level.
In order for Grantham to form a BID, every business ratepayer is given the chance to vote and the BID process will go to an open ballot in the fourth quarter of next year. Only on a majority vote can the plan go forward. BID status lasts for five years.