What is a Business Improvement District (BID)?
A BID is a business-led initiative where businesses work together and invest collectively to improve their own business environment.
- A BID creates a partnership between businesses across town and key stakeholders like the Police and South Lanarkshire Council. This partnership will take forward projects and partnerships that will support the business community.
- A BID is an investment in added value services that will support the local trading environment.
The crucial benefit of a BID is that the goals and actions are set by the business community for the benefit of the local business community. Expenditure is targeted to get the best return on the bottom line. Projects are agreed after extensive consultation and the investment is spent locally, in local business for the local community.
What can I expect from the Hamilton BID?
The goals for the BID in Hamilton have yet to be set. What we require in this town may be different to the requirements of many of the BID’s currently in operation across Scotland.
However most Bids will address several key areas which commonly include-
- Marketing of the town - Bids can coordinate advertising campaign or promotions to drive footfall back into the town.
- Crime Reduction - Bids can take a lead with Radio links and taxi marshals. This may prove particularly attractive to the evening economy.
- Environmental and cleaning issues - Bids have set up shop front improvement grants to support new and existing businesses in the town to redevelop their shop or office fronatages.
- Accessibility - The BID can help address issues relating to signage and parking. It also has a strong voice to influence traffic management.
- Vibrancy - bringing life back onto the streets. Supporting artistic and sporting opportunities in the town. Giving the general public more reason to visit the town.