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QUESTION
How are BID Development and Exploration grants allocated by the NYC Department of Small Business Services in FY 24?
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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.