A BID is run by local businesses to help local businesses thrive and to improve the economic prosperity of the town.
The cut off for businesses to be liable for a BID levy varies by BID depending on the size of the town or city and number of businesses in the BID area. For our BID the Steering Group (made up of representatives from local businesses) decided on the £5,000 through the process of consultation mentioned above. A business within the BID area, paying the levy gives that business a say on how the money is spent as a potential Member of the BID Company.
Because we have a large proportion of independent business in our town, the BID Steering Group wanted to make sure that as many business as possible could have their say in how the money is spent, so that it will benefit business and our town. If the cut off was set higher (as with some other BIDs in larger towns) this would mean that many of our businesses would fall below and they wouldn’t have say to make sure the BID worked for them too.