About BIDS content
Vote YES for a Prosperous Purley
Overview of a BID
A BID is formed to improve the business interest of a specific area by investing in services, projects and events. The BID is both business-led and business funded.
The BID is led by a board, whose members are predominantly from businesses in the area. It is funded by a levy applied to the current business rates, In the case of Purley BID this is set at 2% and looks to create an income for investment of £161,000 per year which would be ring-fenced for the exclusive use of the Purley BID area.
There are now around 200 BIDs set up in the UK. These are successfully delivering Business Improvements to towns such as Croydon, New Addington, Streatham, Twickenham and all round the UK.
A Strong Business Voice
BIDs enable localities to have a stronger business voice in determining what happens in their town.
As well as being in control of their own budget for services they identify, BIDs also create effective engagement with councils and other bodies.
By ensuring agreed baseline deliverable services, the BID areas can ensure they get accountable service from their councils.
Legislation enabling the formation of BIDs was passed in 2003 in England and Wales and there are now around 200 in the country. BIDs run for 5 years and are voted in by the business ratepayers in the specified area. The mandate must be endorsed by over 50% of the businesses in both individual votes and proportion of rateable value.