The shops and restaurants in our community were the some of the most impacted financially due to the pandemic. As we were not able to host events and gatherings, we re-allocated the funds that were earmarked for that and created 'BIA Bucks'. Two $10 coupons were mailed to every residential address in West Vancouver and were redeemable at more than 50 businesses in Ambleside and Dundarave. Businesses collected the 'Bucks' as if they were cash and the BIA reimbursed them for all bucks received. This initiative resulted in over $30,000 going back in to our businesses above the reimbursements received. During what is traditionally a quiet time of year and with many businesses struggling to remain open due to staffing issues and Covid-19, this economic boost was instrumental in assisting many businesses to remain open.
This resulted in over $30,000 spent within our business community of Ambleside and Dundarave during what are traditionally very quiet months of February and March.
BIA Bucks is easily replicated to suit any BIA, Chamber or Business Association. It can be implemented in a variety of ways with several options as to how Bucks are dispersed and collected.