What is a Business Improvement District (BID)?
A Business Improvement District (BID) is a legal entity, a not-for-profit organisation created and run by local businesses with the aim of improving trading conditions and driving positive change in the local commercial area. BIDs exist to benefit businesses, their staff, customers and clients. 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 the five-year term. The BID board – composed of local businesses – choose how to use this money to make local improvements
A key benefit of being part of a BID is that it can provide local businesses with the ability to take control of their own trading environment, deliver services more economically and promote the district more effectively, thereby making a real and lasting impact to the business health of the local economy.
For a BID to be formed, a democratic ballot must be held. If successful at a ballot, the Business Improvement District will legally last for a period of 5 years, at which time a new ballot is required. Everything the BID does must be extra to the services provided by the Council and other bodies by business rates.