Communities all across Britain will be able to bid for £50,000 to help make their high street more attractive for business, the government announced on Thursday.

The latest round of the Ministry of Housing, Communities and Local Government’s (MHCLG) £500,000 British Improvement Districts (BIDs) Loan Fund, which was set up in 2013, will support local business owners and community leaders to set up a BID.

In BIDs, local business are required to pay an additional tax to fund projects within the town or city centre. As of January 2019, 29 loans totalling £971,135 have been granted.

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The latest round of BID funding will allow communities to deliver additional local services and upgrade commercial areas for the benefit of business.

The MHCLG has said BIDs serve as a “tried and tested model” of how local business can work together to realise the potential of towns and high streets by engaging strategically with local authorities, developers, and communities.

“BIDs have a proven track record of upgrading commercial areas to enable business owners and entrepreneurs in our town centres and high streets to thrive,” high streets minister Jake Berry said.

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“Whether through promoting longer opening hours, more security for shops or pedestrianised shopping districts, BIDs are a go-to vehicle through which you can reimagine your high street or town centre.

“Those on the ground know what works. Our Loan Fund is designed to provide them with the means to drive regeneration forward and meet local needs.”

However, the small sum can only go so far towards saving Britain’s high streets, which are in a major crisis with sales at their lowest since 2008.

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Last year, 14 major high street stores were hit by retail woes, including department store chains Debenhams and House of Fraser. The former announced it would close 50 branches following a record annual loss, while the latter fell into administration and was bought by Sports Direct founder Mike Ashley.

Marks & Spencer also announced it would shut 100 stores by 2022, while DIY chain Homebase announced it would close 80.

Toy chain Toys R Us and electronics retailer Maplin both collapsed into administration.

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Disappointing Boxing Day sales topped off a tough 2018 for retailers, as the average number of visitors to shopping centres and high street stores fell for the third year in a row — this time by 4.2%.

Berry added that the BID Loan Fund is “designed to provide communities with the means to drive regeneration forward and meet local needs.” But the state of Britain’s high streets suggest that significantly more than £50,000 may be needed to save them from peril.

In December 2018, the government announced it will pile another £675m into high street makeovers in the coming years, in an attempt to save the struggling sector.