What is the BID
What are BIDs?
Business Improvement Districts (BIDs) are an effective way in which businesses can take control and improve their trading environment.
- 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 over £500,000 revenue per year to spend on the things that businesses feel are important.
- Since September 2004 when this legislation was introduced, there have been over 150 successful BIDs in the UK, which over the next 5 years will bring in £300 million of funding.
Business Improvement Districts (BIDs) have proven to be an effective way in which businesses can take control and improve their trading environment. You as a business will have the opportunity to identify projects that you want to introduce and be given a say in how your money is spent through the Greater Yarmouth Tourism BID.
BIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their town or city centre, and also how they will implement these improvements and what it will cost them. BIDs are financed and controlled by the businesses within the selected area. 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.
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.
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. BIDs do not substitute services provided through business rates, they provide additional services.