Business Crime Newsletter

20th August 2015

The latest Business Bulletin from the West Midlands Police and Crime Commissioner can be viewed here

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Broadband Scheme

7th August 2015

Broadband Connection Voucher scheme
 
Your business could get up to £3k towards faster and better broadband, through the Broadband ... more »

What is a BID?

A BID (Business Improvement District) is a public/private partnership whereby businesses in a designated geographic area take the collective decision to improve the area in which they are located through the funding of specific development and improvement initiatives. The funding is raised from the collective contributions of all businesses within the designated BID area and, similarly, expenditure is ring-fenced for the specific benefit of that same area and the businesses within it. The nature and structure of the BID means that the businesses in the area have a high level of influence in determining expenditure priorities.

The funding required to establish a BID is created by establishing a small annual levy on existing business rates. As an extension of a business’s existing rateable value this is the fairest and most logical mechanism for determining individual funding contributions.

A BID is designed to run for a 5 year term with a re-ballot at the end of the period in question. Whilst the concept of BIDs is relatively new to the UK (in other countries such as the USA BIDS are a common and recognised part of the industrial and commercial landscape) there is great potential for the future, with more and more businesses appreciating the extensive benefits available.

The legal mechanism for establishing a BID is very straightforward. Specifically, businesses in the defined area  are asked to vote on a published BID proposal. A majority vote is required to be in favour and the votes in favour must represent at least half of the total rateable value of those voting. Once a YES vote is achieved every business is then required to contribute.

Further information can be found on the website of the National Bids Advisory Service