FOR IMMEDIATE RELEASE
Wednesday, May 11, 2022
CITY ANNOUNCES BUSINESS IMPROVEMENT DISTRICTS INVESTED $162.7 MILLION IN NYC NEIGHBORHOODS DURING FY 2021
New Report Details Success of 76 BIDs in Supporting the Recovery of Local Small Businesses from the COVID-19 Pandemic
NEW YORK – NYC Department of Small Business Services (SBS) Commissioner Kevin Kim today announced in a new report that the City's 76 Business Improvement Districts (BIDs) invested more than $162 million in New York City neighborhoods during fiscal year (FY) 2021, supporting nearly 300 miles of commercial corridors and approximately 24,000 storefront businesses.
The SBS FY21 Business Improvement District Trends Report highlights the collective impact of BIDs in each borough and showcases how BIDs support commercial and industrial districts across the five boroughs. New York City has the nation's largest network of BIDs. In FY21, BIDs:
"This report is a testament to the importance of partnership between our community BIDs and government as we drive New York City's economic recovery," said Kevin D. Kim, Commissioner of the NYC Department of Small Business Services. "SBS will continue to work hand-in-hand with our BID partners to bring City services deep into our communities and invest in the resiliency of our commercial corridors and neighborhoods."
"Business Improvement Districts are at the forefront of New York City's economic recovery and the reinvention of our public spaces. During the pandemic, BIDs were responsive and nimble enough to be the driving force behind innovative programs like Open Streets. They also maintained and, in many cases, expanded their long-established local services. This annual Trends Report shows many of the ways BIDs boost the quality of life, support businesses, and strengthen the communities they serve," said David Estrada and Elizabeth Lusskin, Co-Chairs of the NYC BID Association.
As New York City's economy began to recover from the COVID-19 pandemic in 2021, the City's 76 BIDS supported their neighborhoods through thick and thin, working step-by-step with small businesses to reopen, stay open, and build resilience. They have been on the ground keeping their districts clean and vibrant, advocating for small businesses, piloting cutting-edge programs, and supporting public health efforts. BIDs are community-based organizations funded by a special assessment on properties in their districts.
This report describes how BIDs continued to adapt and respond to the pressing needs of neighborhoods throughout various phases of business reopening and recovery:
To view the full report and learn more about the local impact of BIDs, visit nyc.gov/bids.
About Business Improvement Districts
Business Improvement Districts (BIDs) are community-based organizations that create vibrant, clean, and safe districts. BIDs deliver services and improvements above and beyond those typically provided by the City. These services can include street cleaning, public safety, marketing and events, capital improvements, beautification, and business development. BIDs help to brand their districts and market small businesses on their corridor. They facilitate networking among merchants, host community events, and advocate for improvements to the district. BIDs also serve as a liaison between local businesses and stakeholders and the City government. In doing so, BIDs provide a collective voice for the neighborhood and help inform City policy based on their unique local knowledge. BIDs are authorized by local law and primarily funded by a special assessment billed to property owners within a district.
SBS provides oversight and support to the City's existing BIDs and to communities interested in creating new BIDs. SBS staff represent the Mayor on every BID's Board of Directors and work to ensure good governance, contract compliance, and transparent operations for each organization. For more information, visit nyc.gov/bids.
About the NYC 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 on all SBS services, go to nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.