Saffron Walden BID is a local, democratically elected organisation, formed in 2018. The BID focuses on delivering specific initiatives agreed on by businesses in a defined geographical local area and run for five years.
In June 2023, town centre businesses in Saffron Walden voted yes to a BID for our town.
- BIDs invest in and deliver projects to improve the local trading environment and raise the area’s profile.
- BIDs are led and controlled by businesses; they are independent organisations with ring-fenced resources and finances.
- The projects are funded by raising finance, principally through a levy. This levy is an investment by businesses in their future. BIDs operate for up to five years. Throughout the term they are accountable to their levy-paying businesses and must demonstrate how they make a difference.
- After five years, a renewal ballot must be held to enable the BID to continue.
- The BID levy will be mandatory for all liable businesses in the BID area (with a business rateable value of over £5,000) regardless of whether they chose to vote or not and if they voted in favour or not. Now the BID has been voted for it isn’t be possible for a business to ‘opt out’.
- The Saffron Walden BID Company will monitor results and performance using measures applied to all activity. BIDs are lean organisations, designed to be flexible and agile to respond to local circumstances and areas of priority, as well as carry the credibility and resources to get things done in a cost-effective and efficient way.