A Business Improvement District (BID) is a local, democratically elected organisation that focuses on delivering specific initiatives agreed on by businesses in a defined geographical local area and run for five years.
In July 2018, town centre businesses in Saffron Walden voted yes to a BID for our town.
The BID district includes 340 businesses within the boundary of the High Street, Church Street, Common Hill, Elm Grove and Gold Street. Within this area there are 278 BID levy-paying businesses.
As outlined in the Business Plan, the Saffron Walden BID will be funded by a levy on each businesses property to be paid annually, starting in September 2018.
The levy will be collected by UDC on behalf of the BID company, and will raise about £90k each year. It will be spent exclusively to deliver the projects identified by BID Businesses and managed by the BID Board. The BID will seek to attract additional funding through sponsorship and grants.
We are excited to have been given the democratic mandate to work together so we can better realise the potential for Saffron Walden’s businesses with this major investment over the next five years. I have no doubt the BID will make a real difference in our town and help businesses to thrive. Working together is the way forward.