FREQUENTLY ASKED QUESTIONS

  • What is a Business Improvement District (BID)?

    A Business Improvement District (BID) is created by and for businesses. BIDs first came to the UK in 2005. There are now 270 UK BIDs with businesses co-investing over £150 million into mainly in high street locations. BIDs succeed because they are focussed, entrepreneurial and cost-efficient – providing a powerful and fast business-led response to address ever changing economic conditions.
    Funded by a small levy contributed by businesses within a defined boundary, BIDs are first created through a ballot amongst participating businesses. Each BID has a maximum term of 5 years before they need to return to the business community to be renewed.

  • How will Billericay BID improve my business?

    BIDs are viewed by many businesses as a fair and affordable way of creating a ring-fenced fund for up to 5 years that is ‘managed by business for business’.

    The Billericay BID will bring an additional £680,000+ investment into Billericay over the next 5 years to provide additional services and initiatives that support and promote our area as a destination and drive a prosperous local economy.

  • What are the priorities for the Billericay BID?

    Should the ballot receive a yes vote, it is up to the town team to work with levy payers to decide the priorities. If you would like to be part of that team, please get in contact.

  • How will the Billericay BID be funded?

    Businesses within the defined Billericay BID boundary will be liable for a levy, calculated as 2% of the rateable value (RV) of the premise at 1st October each year. Charities that are not retail, leisure and hospitality will receive 50% levy relief. The owners of all untenanted properties will be liable for payment of the levy.

  • Shouldn't my business rates pay for this type of activity?

    Business rates are a property tax collected by the Local Authority which is then distributed at a national level. The Local Authority spends the allocated funding on services that are both statutory and discretionary and you have no control over these spending decisions. All the monies raised from the BID levy will be spent to the benefit of the BID area.

  • Who will run the Billericay BID?

    A board made up of a representative selection of levy paying businesses from the BID area will be in charge of spend allocation. Please contact the Town Team if you are interested in joining.