A BID is a business led and business funded body formed to improve a defined area. Each business within the given zone pays 1.5% of their rateable value into a funding pot once a year. For a business with a rateable value of £8,000, this would amount to £120 a year or £2.31 a week.
In Morecambe, the BID would create a funding pot of approx £130,000 per year (excluding extra or match funding from other sources). Businesses then get to decide how this money is spent to improve their town. This would involve ongoing consultation with Morecambe’s businesses to ensure your needs are being met, in ways that you want to see.