A BID is a Business Improvement District
Business Improvement Districts (BIDs) are the fastest growing partnership framework we have seen for decades in the UK. Since 2004, over 200 BIDs have been proposed and approved by business communities in England and Wales.
A BID is a geographically defined area where businesses pay into a collective pot of money to fund additional services they feel will benefit themselves and the local community. Each business pays according to its size (by rateable value: R.V) and all the money collected goes to paying for projects and services which have been agreed by the businesses in the area and which would not happen otherwise. The process is managed by the businesses and lasts for up to five years.
Swansea, the first BID in Wales and the 29th in the UK, went to ballot in May 2006. The second BID in Wales was established in Merthyr Tydfil in 2012 and since then the Welsh Government has supported a number of locations including Colwyn Bay through funding the development of BIDs. Businesses in Bangor and Caernarfon voted YES for their BID in September 2015 after receiving this support.
Besides Swansea, there are a number of BID areas which have been operating for more than five years and have gone through a renewal ballot. In most cases those BIDs going on to a second term have received an even greater endorsement in the vote than they did the first time. BIDs have brought significant improvements to the trading environment of the businesses based in these locations. Further details are available on the Association of Town and City Management website: www.atcm.org