SBS Launches New Grant Program To Support Small Business Improvement Districts - SBS

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FOR IMMEDIATE RELEASE
Thursday, October 13, 2022

SBS Launches New Grant Program To Support Small Business Improvement Districts

New Small BID Support Grant Program Supports Mayor's 'Blueprint for Economic Recovery' Commitment to Provide Critical Resources to Small BIDs and Fortify Commercial Corridors Across NYC

NEW YORK – The Department of Small Business Services (SBS) today announced the launch of a brand-new grant program to support small Business Improvement Districts (BIDs) across the city. This equity-focused program advocated for by Committee on Small Business Chair, Council Member Julie Menin, fulfills Mayor Eric Adams' commitment to invest in underserved commercial corridors and foster robust networks of small businesses, as outlined in Rebuild, Renew, Reinvent: A Blueprint for New York City's Economic Recovery, released earlier this year.

Two separate grants will be available to support small BIDs:

Single District Grant: Directly provides funding to place-based nonprofit organizations that are currently addressing commercial corridor recovery, management, and growth within the boundaries of an existing Business Improvement District (BID) or Special Assessment District (SAD) in NYC with an annual assessment less than or equal to $600,000.

Citywide Grant: Provides funding to nonprofit organizations for the development and deployment of technical assistance programs, capacity-building resources, and back-office services for the collective benefit of multiple Business Improvement Districts and Special Assessment Districts with annual assessments less than or equal to $1,000,000.

More information about the Small BID Support Grant program and applications can be found here. The deadline for both grant programs is Sunday, October 30, 2022.

"Mayors Adams' economic recovery plan makes it clear that BIDs, no matter the size, will be crucial to strengthening our city's small businesses," said Department of Small Business Services Commissioner Kevin D. Kim. "At SBS, we know firsthand the impact BIDs have can make in a community by revitalizing commercial corridors, providing services to small businesses, and enlivening neighborhood streets. Our new grant program will deliver a boost to help smaller BIDs support more businesses and people in their communities."

"By investing in under-resourced smaller BIDs, we can help thousands of struggling small businesses survive as our commercial corridors are paramount to a strong and vibrant city. I thank Mayor Eric Adams and the NYC Department of Small Business Services for supporting my recommendation to subsidize funding for the first time ever to Business Improvement Districts. Business such as those on White Plains Road in the Bronx or Sunnyside Shines in Queens, now know that the city is doing its part to help smaller BIDs succeed," said Council Member Julie Menin.

"BIDs are on the frontlines of the City's economic recovery and these much-needed funds will be put to work in the communities that need them the most. Whether it's providing supplementary safety and sanitation services or spurring economic activity through street activations and holiday lights, BIDs are a major resource for small businesses and the communities they serve throughout the City. We look forward to working with SBS to ensure these funds are disbursed timely, equitably, and effectively," said David Estrada and Robert J. Benfatto, co-chairs, NYC BID Association.

A BID is a geographical area where local stakeholders oversee and fund the maintenance, improvement, and promotion of their commercial district. BID programs and services are funded by a special assessment billed to property owners within a district. Additional information about BIDs in New York City can be found at nyc.gov/bids and in the FY21 BID Trends Report.

Any nonprofit organizations interested in applying or learning more about BIDs should email neighborhoods@sbs.nyc.gov.

About the Department of Small Business Services (SBS)
SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.