Business Improvement Districts (BIDs) are independent, business-led, business-funded organisations formed to improve a defined commercial area.
BIDs first came to the UK in 2005 and there are now over 320 BIDs investing over £150 million a year, mainly in high street locations. London has 75 BIDs, with others in neighbouring locations such as Wandsworth, Putney, and Richmond.
BIDs can serve as a highly effective model for delivering added value to an area through dedicated services and initiatives. 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 established statutorily once elected by a majority of business owners in the area who vote on a business plan, 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.
BIDs can only operate for a maximum term of five years, before seeking re-election from eligible voters.
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
We represent approximately 300 BID businesses across the BID footprint and our work is funded by those with a rateable value of £30,000 or more who pay a ‘levy’ of 1.75% of their rateable value.
Monies collected are estimated to provide a yearly income of approximately £400,000, equating to an investment of nearly £2,000.000 over a five-year term, to be spent on the continued improvement and marketing of the local area. We also work to attract additional funding for the area, from public sector grants and other sources.
All funds and governance matters – such as financial arrangements, contractual obligations, human resources, standards, performance and compliance – are managed by a board of voluntary directors, including local business representatives.
If you’d like further information on how to get involved, please contact us by email at info@thejunctionbid.co.uk
