Business Improvement District (BID) Initiative

The Business Improvement District (BID) initiative aims to support local businesses to create jobs, by supporting  the development of key growth sectors including Life and Health Sciences, Agri-foods, the Digitech sector and Advanced Manufacturing.

This initiative will assist Carn, Seagoe and Charlestown industrial estates to grow and realise their potential.

What is a BID?

A BID is an arrangement whereby businesses get together to decide:

• what improvements they want to make in their location
• how they will manage these
• what it will cost

This goes into a business plan which is voted on by those who would have to pay. The BID lasts for a maximum of five years and must be able to demonstrate how it benefits the businesses that have funded it.

What might a BID deliver?

BIDs can deliver any projects or services that are agreed by the businesses in the BID area and that are over and above anything that is covered through business rates.  

In most cases, in this type of BID, it includes:

• increasing safety and security for businesses and customers
• attracting new businesses and investment
• reducing costs
• access and environmental improvements

Why do businesses support BIDs?

A BID is a mechanism which:

• allows businesses to raise a sum of money
• manages and delivers projects that they have identified and believe will improve their trading environment
• will support businesses who are paying for the improvements