Downtown Toronto's financial district, perhaps the country's biggest economic hub, finally has a business improvement area (BIA) of its own.

The district rang in its new BIA with a splash earlier this month. At its inaugural meeting, members passed a $950,000 operating budget, far larger than the operating budgets for most of the city's 70-plus BIAs.

While there had been suggestions the financial district could join the Downtown Yonge BIA, a decision was made for businesses in the area to form their own organization given that their concerns differ largely from those of other business improvement areas. Whereas many look to draw in business and support local stores, the Financial District BIA is expected to focus more on issues such as traffic congestion in the downtown core.

The move to start a financial district BIA started more than a year ago. The new organization has elected 10 board members from local businesses and corporations. Those members' terms will run until 2014.