Business Improvement Districts have a proven track record of attracting and raising additional external funding for their respective areas. Across the Scottish BIDs this equates to an average of 47p for every £1 of levy raised. It is an approach that Go Forth Stirling will follow; using the projected five-year levy fund of £1.6 million to inspire and attract additional inward investment to benefit the BID area further. Following this statistical average could mean an additional £750,000 of funding for city centre projects over this term.
The Go Forth Steering Group are still making visits to city centre businesses during the current voting period, explaining the benefits a BID could bring to them, voting closes on 4th July. The money raised to fund the Go Forth Business Plan is generated by the affected businesses in the BID area, the Steering Group are keen to highlight the potential for additional investment from external sources.
‘We are still meeting businesses and talking about the benefits a BID could bring to them, part of these discussions has been around extra funding for Go Forth. The structure of BIDs and their proven success make them an attractive vehicle for external bodies to invest in. The business owners in Stirling have a real opportunity to get a lot of extra money invested in their area, over and above the investment they would be making themselves.’ - David Gowen
The Steering Group published examples of additional funding collected by other BIDs across Scotland in the Go Forth Business Plan to illustrate the opportunity.
City/Town 5 Year Levy Income Additional External Funding
Aberdeen £4,000,000 £2,475,000
Crieff £500,000 £205,000
Edinburgh BIDs £6,209,176 £973,130
Dunfermline £868,000 £485,000
Falkirk £930,000 £465,000
£41.3 million raised by Scottish BIDs since 2008.
Additional £19.6 million leveraged from external bodies. 47p for every £1.
Voting continues across the proposed BID area until 4th July. Any business who wants more information or would like to discuss the proposals can contact David Gowen at Go Forth Stirling - david@GoForthStirling.co.uk