Businesses in Bridgend have voted YES, by majority of vote, to establishing a Business Improvement District (BID) following allocation of funding from the Welsh Government to help explore the options presented by the concept.
What is a BID?
A BID is formed following consultation and a ballot in which businesses vote on a BID Proposal or business plan for the area.
If a ballot is successful, it is then managed and operated by a BID Company – a non-profit company run by and for its members – and is funded through the BID levy, which is a small percentage of a businesses’ total rateable value, before any rates discount.
The improvements made by a BID are determined by businesses themselves and are additional to services provided by the local authority. They can include wide-ranging projects such as business support, improved infrastructure, visitor services, free car parking, vehicle accessibility, area branding, promotions and cultural activities.
Benefits of BIDs:
A proactive, flexible and accountable approach, where businesses set priorities for local investment in the place where they do business.
Complementary benefits of partnership, such as supporting local supply chains and building local confidence in economic development.
For more information on BIDs visit the British BIDs website