What is a Business Improvement District (BID)?
- A BID is a business-owned, led and funded company set up by a democratic ballot of eligible businesses
- It is funded by a small ‘levy’ on eligible businesses, based upon the rateable value of their property. In Fulham Broadway this will raise in excess of £1.6 million over a five-year term
- The BID board – composed of local businesses – would choose how to use this money to make local improvements
- Everything the BID does must be extra to the services provided by the Council and other bodies by business rates
Many of our neighbouring town centres have already formed a BID to promote their area and generate the economy. Here are some examples: