What is a bid?

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 the five-year term
  • The BID board – composed of local businesses – 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

You can download the BID rules/arrangements here

Many of our neighbouring town centres have created a BID to promote their area and generate a stronger economy. Here are some examples:

Marble Arch
Hammersmith
Wandsworth
Putney
Richmond