Go Grantham has today (Monday) announced that it has secured the necessary funding to carry out its consultation phase.
The company, set up with the aim of creating a Business Improvement District (BID) in the town, has been supported by South Kesteven District Council, Lincolnshire Chamber of Commerce and private sector funding to develop the Grantham BID concept over the next 11 months, with voting set to start on November 1.
If a ‘Yes’ vote is reached, Grantham could see investment of £3 million over a five-year period, with all money being invested directly into projects that businesses have actively selected.
A BID is a business-led and business-funded body formed to improve a defined commercial area. The fund is generated by collecting a levy based on the rateable value of a business building. The principle is that each pays a small amount, which funds the BID and its projects.
There are currently over 205 BIDS in the UK, with a renewal rate of more than 80 per cent.
The board behind Go Grantham wants to hear from all businesses during its consultation phase to understand what people believe needs improving or developing, and to hear their project ideas.
Chairman of Go Grantham Ltd Stuart Pigram said: “We have come a long way since March and we were overwhelmed by the response that we got from businesses during our feasibility stage, with over 84 per cent stating they wanted a BID developing.
“We believe Grantham will benefit hugely from this much needed investment and therefore it was crucial we got the funding to continue this process.
“We would like to thank the council and chamber for backing our plans and supporting the development of Grantham as a place to do business.”
Simon Beardsley, chief executive of Lincolnshire Chamber of Commerce, added: “We believe this is a really exciting time for Grantham. BIDs are a proven way to drive proactive activity in an area that would simply not happen without them.
“From experience with other BIDs, it is vital though that all businesses take the time to fully understand how this initiative works, how they can get involved and the clear dividends that can be delivered.”
Councillor Bob Adams, leader of SKDC and portfolio holder for Grow the Economy, said: “Its great to see businesses pulling together to support the drive to really put Grantham on the map.”
Go Grantham Ltd is a not-for-profit company which aims to create a BID in Grantham by December 2016.
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