BID stands for Business Improvement District, a business-led, business-funded partnership defined by a geographical location, which strives to improve the local area for the benefit of businesses, shoppers and visitors.
Business Improvement Districts have been operating across the UK for over a decade, with the first BID starting in January 2005. There are over 270 BIDs set up around the UK, with over 50 being in London alone. They have been successful in improving the economic status and profile of town centres and urban areas. Both the Mayor of London and many large chain retailers agree that they are a positive intervention. Not only do BIDs improve the shopping and working environment of their area, they can also bring communities together offering a strong collective voice and a sense of pride.
A BID is created when businesses in the BID area vote on a business plan which is tailored to respond to the needs of the businesses. This can typically include a safe and clean agenda, marketing, and business support. The formal ballot is open for 28 days and every business is given the opportunity to vote via a ballot paper. For a BID ballot to be successful it must be won on two counts:
- A straight majority by the number of those voting.
- A majority in the Rateable Value of those voting.
Typically, a BID term five years and then businesses go back to ballot based on a new Business plan.
THE JUNCTION BID REGION IN CLAPHAM JUNCTION
The Junction BID region covers Clapham Junction Station, St John’s Road, Northcote Road, St John’s Hill, and parts of Battersea Rise, Falcon Road (as far north as the railway bridge) and Lavender Hill (up to Battersea Arts Centre).
YOUR SUPPORT
In November 2018, businesses in the BID area agreed to pay a ‘levy’ of 1.5% of their rateable value to fund extra services over a five-year term. Monies collected provide a yearly income of approximately £370,500, equating to an investment of nearly £2m over a five-year term to be spent on improving and championing the local area.
The Junction BID company also works to attract additional funding for the area, from public sector grants and other sources.
The funds are managed by a board of voluntary directors, made up of local businesses representatives. All businesses are encouraged to get involved with the BID; there are a range of open forums, theme groups and networking events as well as the opportunity to stand as board members.
If you’d like further information on how to get involved, please contact us by email at info@thejunctionbid.co.uk
For existing BID members, don't forget to send us all the details needed for your A-Z listing to info@thejunctionbid.co.uk
