BedfordBID Explained
Business Improvement Districts (BIDs)
A Business Improvement District or BID is an arrangement under which you plan how to improve your own trading environment. Businesses identify projects or services that will add value to their business and agree how to manage it and how much they are prepared to pay. The funds collected are ring-fenced and used only to deliver a structured an guaranteed set of activities voted on by the businesses within the BID. The BID and the projects it will carry out DO NOT and CANNOT replace those services statutorily provided by the public agencies such as the Police and Bedford Borough Council. The BID can only provide projects and services over and above. It lasts for a maximum of five years.
The Opportunity
Historically c£2.5 million over five years has been invested to keep up and improve footfall, sales and values in the town centre, reduce business costs and simply make Bedford a better place to do business.
The Funding
BedfordBID is funded by those in the BID boundary zone paying a levy of 2% of the rateable value of their business. The levy is ring fenced and invested in those projects and services agreed by you as part of the BID renewal process. It is nothing to do with business rates which pass straight to the Government.. The threshold was increased upon the success of the ballot held in October 2019 to aid smaller businesses. Hereditaments shown in the local Non-Domestic Rating List on the First of April each year of the BID with a rateable value of the “specified rateable value” or less will be exempt from the BID levy for that year. The specified rateable value is the higher of £12,000 or the maximum rateable value for that year at which a ratepayer may be entitled to 100% small business rate relief. Source: BedfordBID Renewal Business Plan 1st April – 31st March 2025 BedfordBID Levy Arrangements.
Governance
BedfordBID is independent from Bedford Borough Council with a a Board of volunteer non-executive Directors elected by those businesses who pay the BID levy, which includes both small and large businesses.
Membership
Board Directors are voted for at an AGM by BID Members. If your business is within the BID boundary you are entitled to apply to become a Member. To become a Director you need to be a Member.
Download a membership application here.
Learn more about BID membership here.