What is a Business Improvement District?
A BID is a business-led and funded partnership, seeing businesses within a defined trading area identify and prioritise potential improvements, then invest in those improvements.
Swansea BID (Business Improvement District) is one of the older BIDs in the UK. It was established on August 1st 2006, after being given a positive mandate by a ballot of businesses over £5k rateable value in the designated BID area.
For a BID to go ahead the ballot must be won on two counts:
- Straight YES majority
- Majority of rateable value (the value of a commercial property unit)
This ensures that the interests of large and small businesses are protected.
Since we were founded in 2006, we have invested more than £6 million in the BID area. As the first BID in Wales, we are proud to have been a trailblazer for subsequent BIDs, leading the way on investment, ideas and results. Being in operation for circa thirteen years we have delivered a huge amount of projects, schemes and services that have made a difference and continue to do so day in day out.
Like any business growth is important which is why we have a whole host of new projects, schemes and services in the pipeline at these exciting times in the BID area regeneration journey.