What is a BID?
A Business Improvement District (BID) is a business-led partnership created through a ballot, to deliver additional services within a defined geographic area. The ballot needs to see a majority of businesses in the area supporting the BID, both by number and rateable value. Providing these majorities are obtained, a BID is formed for a maximum period of five years.
How is it funded?
The BID is funded by the businesses through a mandatory levy, based on the rateable value and is payable in addition to the business rates bill. All businesses in the area (subject to the BID levy rules) have to pay the levy for the period the BID is in existence. This levy is used to develop projects which will benefit businesses in the local area. BIDs directly involve local businesses in local activities and allow the business community and local authority to work together with other local stakeholders to improve the local environment.
BIDs are not restricted in the services they provide, as long as these are agreed to by businesses. Most BIDs are established as not-for-profit companies and have a Board of Directors comprising businesses in the area who are levy payers together often with representatives of other partnership organisations such as the local authority and police. There are over 300 BIDs across the British Isles with over 60 in London.
80%
In a recent business survey, 80% of businesses said that Love Wimbledon represents the interests of business and the town.
What is Love Wimbledon BID?
Love Wimbledon Business Improvement District (BID) started in April 2012 after a successful ballot of the 460 businesses in a specified area of Wimbledon Town Centre. The BID won a strong mandate from the town centre to continue for a third term with 85% of voters voting yes, 92% by rateable value with a turn out of 56%. Love Wimbledon BID is a property occupier, town centre BID with a narrow geographical focus of the town centre. We are a not for profit company limited by guarantee, managed by a Board of Directors made up of representatives of the local business community.
A BID for Business
Love Wimbledon BID has three strategic aims (read our BID proposal) which clearly lay out the direction of the BID. We work with businesses on marketing the town centre, improving operational issues, creating a better environment as well as providing a strong strategic voice and platform for Wimbledon Town Centre. Our businesses can use a range of money saving business services from waste/recycling to green energy, free Google 360 photos to web/social media presence, helping business do business is our priority.
