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What is a Business Improvement District (BID)?
Business Improvement Districts (BIDs) are created by businesses and organisations which come together to collaborate on initiatives that improve the location where they trade or do business. BIDs are driven by participating businesses – who work together to draw up a business plan which is voted on and, if agreed, is then funded through a levy based on business rateable values, as well as trying to lever in additional funding where possible for investment into the delivery of projects for the benefit of businesses.
This is a not for profit company which has been set up by business representatives and will be accountable to the businesses in the BID Area to manage the delivery of the BID Business Plan.
How is a BID funded?
In order to achieve a BID projected, all businesses in the Oswestry BID Area with a rateable value of £12,000, pay a mandatory levy of 1.75% of their rateable value.
Is the levy compulsory?
The levy is mandatory for all eligible businesses.
What are the benefits of Oswestry BID?
After a deep recession and now the economic turbulence of Brexit, the need for businesses to work together for a better future has never been greater.
The benefits of a BID do not just come from the ability to deliver projects and services from a guaranteed budget but come from the collective influence of the businesses in the BID Area. It can positively influence perceptions about a place for potential visitors to the area and potential new business investors and of the residents, that they can have pride in where they live.
The influence of the collective voice of businesses working together also translates into productive relationships and outcomes when working with stakeholders, such as the Local Authorities, the Local Economic Partnership and other organisations including the Police, to meet the Oswestry business community’s needs.
Oswestry is Shropshire’s second largest town, it has a rich cultural heritage and is surrounded by beautiful countryside. It has seen the development of many strong entrepreneurial, independent and family run businesses over the years, operating in a variety of business sectors with national and international reputations. However, in many respects the town has become isolated with challenging infra-structure links and struggles to retain young skilled people or attract new skilled people to live and work in the area.
Oswestry has many opportunities to further develop its attractiveness as a tourist destination and as a touring centre, in particular. There is also great potential to build upon the reputation of many of its successful businesses at a regional, national and international level to drive further trade and encourage expansion and new investment.
In addition to receiving the broad benefits that BID offers your business in terms of driving local business investment and growth, you will have exclusive access to collective business cost saving and security initiatives, the opportunity to participate in seminars and workshops offering business support, guidance and advice and invitations to regular BID networking events to facilitate greater local business community collaboration.
You will also gain direct access to participate in promotional initiatives and have the opportunity to link into social and digital media activities and much more.
This is all broken down into the four priorities of Oswestry BID:
Objective A: Raising profile
- To effectively develop and promote the strengths and characteristics of Oswestry to prospective visitors and business investors.
Objective B: Business support & investment
- To actively support the growth and development of existing local businesses.
- To attract start-ups, young businesses and new investment which complements and builds upon Oswestry’s existing strengths.
Objective C: A great place to be
- To build upon Oswestry’s multi-faceted heritage to further develop a vibrant & enriching environment where visitors, workers & residents want to be.
Objective D: Accessible & safe environment
- To facilitate safe, functional and efficient access and navigation for Oswestry BID’s first term is in place until 2023.
How are BIDs held accountable?
The projects are agreed and set out within a Business Plan, that forms the framework from which the BID delivers its priorities. Specific key performance indicators (KPIs) are set, and performance against these is monitored by the representative BID Board.
How can I find out more?
Please contact Oswestry BID:
- Telephone: 01691 700365
- Email: firstname.lastname@example.org
- Website: https://www.oneoswestry.co.uk/bid-oswestry/