What is a BID
What is a BID?
Business Improvement Districts (BIDs) are an effective way in which businesses can take control and improve their trading environment. A levy based on the business rate is paid for by businesses within the determined geographical area usually between 1% or 2% of their business rates per annum
- BIDs are funded and controlled directly by the businesses who pay for them. As a business, you can influence which projects the BID fund is spent on.
- The Greater Yarmouth Tourism & Business Improvement Area will raise up to £500,000 revenue per year to spend on additional services that the businesses determine will improve their working environment and increase footfall.
- The levy cannot be spent on statutory services already provided by the local authority and can only either supplement those services or provide extra services such as additional events, marketing or facilities.
- BIDs can run for a maximum of five years and during this time they must be able to show that they are benefitting the businesses which fund it. If after the first five year term businesses agree that the BID has been successful they are able to vote the BID in for a further 5 year term.
What can BIDs deliver?
It’s up to you as a business to help shape what the BID in the Greater Yarmouth Tourism & Business Improvement Area might deliver. BIDs can deliver any projects or services that are agreed by the businesses in the BID area. These projects must go over and above anything that is already provided through business rates and by the local authority. Further details of what the GYTABIA has delivered in the past 4 and a half years is outlined on this website.
Why do businesses support BIDs?
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.