NYC business improvement districts to receive millions in funds
City officials announced on Wednesday that $4.4 million will be given to around 50 business improvement districts citywide.
Brooklyn’s business improvement districts will receive a total of $1.5 million to use, while the Bronx’s business improvement districts will receive $570,000 in funds.
Mayor Eric Adams’ office says they want to focus on promoting and improving BIDs and the communities they serve, particularly as some industries are still trying to bounce back from the pandemic.
The funds will come through the city’s Department of Small Business Services, and officials say that most BIDs have a budget of around $600,000 or less and could greatly use these funds.
The funds are expected to be dispersed at the start of 2023, and the department says they are considering providing these grants annually.