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QUESTION
How are BID Development and Exploration grants allocated by the NYC Department of Small Business Services in FY 24?
0:50:05
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83 sec
Currently in FY 24, the NYC Department of Small Business Services has awarded grants to 14 organizations for bid development and exploration, supporting the formation and assessment of Business Improvement Districts (BID).
- 10 organizations have been granted bid development funds for assisting in BID formation.
- 4 organizations have received grants for BID exploration to assess potential.
- Funding enables demonstration projects in neighborhoods to showcase potential BID services.
- The bid formation grant helps organizations within the bid pipeline progress through various formation phases.
- Example: Cypress Hills advances to the legislative phase as a recipient of the bid formation grant, highlighting the program’s impact.
Oswald Feliz
0:50:05
Now moving on to different brands, a bid development program.
0:50:08
Could you talk to us a little bit about that, Brian?
Calvin T. Brown
0:50:11
Yes.
0:50:11
So currently in FY 24, we have 10 organizations that are receiving the bid development grant under our bid formation, and then we have 4 that are receiving our bid exploration grant.
0:50:28
And this has been a wonderful addition to our sort of support, providing neighborhoods an opportunity to explore what a bit could look like.
0:50:39
So part of it is making sure that they have funding to do what we call demonstration projects so they can demonstrate for those stakeholders within this identified geography, what it would look like to provide some of those services.
0:50:52
And then the big formation grant is these are organizations that are already in our bid pipeline who are in one of the various phases of the bid formation process.
0:51:03
And the bid formation brand has allowed a number of those groups to advance.
0:51:09
The additional support has allowed them to advance.
0:51:12
1 of our but I mentioned in my testimony, Cypress Hills, it's it's going into legislative because they were a recipient of that big formation grant.
0:51:21
And been able to use those resources so they can do the additional outreach to get them to the last phase of the bid formation process.