A successful BIA can lead to benefits like:
- Businesses are able to keep their existing customers and attract new customers.
- Shared promotional activities promoted by a BIA can save money for its members.
- Property owners should experience increased demand for office (commercial) space and
lower vacancy rates, potentially improving property values as a result.
- BIA events, beautification projects, neighbourhood cleanup, and safety projects positively
impact quality of life and local shopping.
- A strong presence enabled by a thriving BIA can help build pride and spirit within the wider
neighbourhood.
- Access to funding as some local governments share the costs of proposed local development with the BIA.
To emphasize and expand the benefits already mentioned above, the Government of Ontario created a document called “Introduction to Business Improvement Areas”: