Newham Business Improvement District (BID) is a business led initiative supported by government legislation which gives businesses on Newham Industrial Estate the power ‘to raise funds locally to be spent locally’ on improving their area, delivering projects and services that businesses have prioritised.
A BID is created when the majority of business ratepayers within the defined area vote to invest collectively in those improvements outlined in a five-year business plan.
Newham BID is one of 8 established BIDs in Cornwall; across the British Isles, there are over 330 BIDs, many in town and city centres as well as industrial areas. To find out more, click here.
Newham BID first became operational in September 2013 following a successful ballot and started another five-year term in 2018 after 86% of voting businesses said they wished the BID to continue to a second term.
There are circa 140 levy paying businesses on Newham who contribute towards the BID through a 2.5% levy on rateable value which generates circa £75K per annum, funds that enable the prioritised projects and services to be delivered. The Newham BID map and directory also gives an indication of the businesses who are part of the BID by sector and location. To see where the BID operates, click here.
The BID is independent from local authorities and other statutory agencies and delivers projects over and above the baseline service provided by them. To see the baselines, click here.