Purley BID was established in 2015 with a vision to make Purley better for business. As we approach our fifth-year anniversary, we thought we’d take a little look at the history of a Business Improvement District (BID) and how it helps support our business community.
Overview of a BID
A Business Improvement District (BID) is a way of making improvements to the businesses within the town. The BID is both business-led and business funded.
A BID is formed to improve the business interest of a specific area by investing in services, projects and events. The BID is led by a board, whose members are from businesses in the area. It is funded by a levy applied relative to the current business rates.
History of BIDs
Legislation enabling the formation of BIDs was passed in 2003 in England and Wales and there are now around 300 BIDs set up in the UK. 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.
BIDs are successfully delivering business improvements to towns all-round the UK such as Croydon, New Addington, Streatham, Twickenham and of course Purley.
A Strong Business Voice
BIDs enable localities to have a stronger business voice in determining what happens in their town and that is certainly true of Purley BID.
The BID creates effective engagement with councils and other bodies.
Purley BID delivers additional services that are not provided by the local council, we do not replace existing services.
As a recognised body we are also able to win extra grants and funding that would otherwise not normally be available.
Keep an eye on our blog where we’ll be updating you on the latest campaigns, projects and plans for the future of a second term which is voted for by Purley businesses.