What is a bid?

Business Improvement Districts (BIDs) are an opportunity for businesses to coordinate investment in their area in a way that improves it as a place to do business.

BIDs are business-led and business-funded not-for-profit organisations working in a defined area, set up by a ballot of businesses.

BIDs were introduced to the UK as part of government legislation in 2004. Today there are more than 250 BIDs operating across the UK, and more than 50 in London. The closest BIDs to Wood Green are in Stratford, Waltham Forest, Hampstead and Angel. Future Wood Green would be the first BID in Haringey and the northernmost BID in London.

BIDs create significant sums of investment across the UK and put it in the hands of locally situated businesses. BIDs’ strong governance structure and income stream also make it easier to attract external and match funding. Future Wood Green would raise approximately £2,000,000 over a 5 year term and use this to leverage in extra match-funding.

Key benefits of a Bid

  • An opportunity for businesses to make decisions about improvements in their area
  • A strong governance model that makes it easier to attract additional funding from external sources
  • In Wood Green the local  Council and police will be  members of the BID and will pay into the BID budget
  • Giving businesses a strong voice in discussions about the future of their city
  • A robust vehicle for implementing projects
  • 5-year funding stream and staff resourcing for projects that businesses want to run
  • Transparent operations and the opportunity to get involved further in a BID mean that you can be sure about where your money is being spent
  • Strong governance helps to attract external funding in addition to the funding raised through the BID levy