What is a Business Improvement District?
BIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their town and how they will implement these improvements and what it will cost them.
BIDs are financed and controlled by the businesses usually employing a Town Centre Manager, answerable to a Board largely elected by local businesses.
BIDs can run for a maximum of five years and during this time they must be able to show that they are directly benefitting the businesses that fund it.
What projects can BIDs deliver and why should you support it?
The beauty of a BID is that it is bespoke to a town’s needs and wants. It’s up to you as a business to help shape what the BID in Haverhill might deliver. There are more than 300 BIDs across the UK but each one is different and befitting their area and their needs.
BIDs can deliver any projects or services that are agreed by local businesses, participating in the scheme, which go over and above anything that is already provided through business rates and by the local authority.
BIDs have the ability to increase footfall to an area, reduce premiums and improve services. As they can run for up to five years they also give businesses the opportunity to plan ahead. BIDs put the control into the hands of the businesses themselves by providing additional services for their towns.
Facts about BIDs
- There are over more than 300 BIDs across the UK investing more than £300m in our towns and cities.
- BIDs are a mechanism by which businesses get together to carry out improvements in projects and services and raise the profile of a defined geographical area.
- BIDs are directly funded by the businesses who fall within the area boundary. BID businesses pay an annual amount over a 5-year period to carry out the improvements.
- BIDs are voted on by the businesses who would pay. They decide if they want the initiative to go ahead.
- BIDs last for a maximum of 5 years.
- The closest BIDs to Haverhill are Newmarket Bury St Edmunds, Cambridge, Huntingdon, Ipswich and Lowestoft.
- In order for a BID to be established, a ballot of all eligible businesses in the BID area is held. For the ballot to be successful, the following conditions must be met:
- Over 50% of businesses that vote must vote in favour of the BID. Of the businesses that vote, those voting yes must represent a greater total rateable value than the ones that vote no.