Bilston Business Improvement District
The Bilston Business Improvement District (BID) was voted in by Bilston Businesses in July 2015 for a five-year term.
A BID is a business-led initiative whereby businesses within the BID area pay an additional levy which is used to better manage and promote the area. Ultimately it gives businesses more control over their trading environment.
Bilston BID will raise over £150,000 per year from its 250 levy payers. This money will be spent on the things that businesses think are important for the BID area, including improved town centre safety and security, and marketing and events to attract visitors and shoppers.
Find out all the reasons you should vote YES for our second term in our upcoming ballot
What are BID’s?
BID’s are an arrangement whereby businesses come together and decide which improvements they feel could be made in the town, and how they will implement these improvements and what it will cost them. BID’s are financed and controlled by the businesses within the selected area. BID’s can run for a maximum of 5 years and during this time they must be able to show that they are benefiting the businesses which fund it. After this 5-year period businesses are balloted on whether they want to continue with a subsequent 5-year period.
How does the BID process work?
The aims of a BID are outlined by the businesses in the area, initially through a survey. After this, levy payers’ priorities for Bilston BID are collated and levy payers are invited to attend a series of informal business meetings where they are updated on the progress of the BID and are able to ask questions and give feedback – this is part of the detailed consultation phase. After this, a Task Group (made up of businesses in the area) produce a business plan which is issued to all businesses. Finally, there is a confidential vote on whether levy payers wish to say yes to a BID in Bilston Town Centre.
Why do businesses support BIDs?
BIDs have the proven ability to increase footfall to an area, reduce premiums and improve the business environment and services. As they can run for up to five years they also give businesses the opportunity to plan ahead. BIDs put the control into the hands of the businesses themselves. BIDs do not substitute services provided through business rates, they provide additional services.
Supporting the BID
BIDs have the proven ability to increase footfall to an area, reduce premiums and improve the business environment and services. As they can run for up to five years they also give businesses the opportunity to plan ahead. BIDs put the control into the hands of the businesses themselves. BIDs do not substitute services provide through business rates, they provide additional services.