A Business Improvement District (BID) is a business-led organisation working within a defined geographical area. BIDs are formed following a successful ballot of eligible businesses within the area, then funded through a mandatory levy on those businesses.
BIDs provide additional or improved services identified by the local businesses. This could include extra safety, cleaning or environmental measures. The majority of funding for the BID is provided from the levy. However, occasionally it can also be drawn from other public and private funding streams.
The current business improvement districts in Camden are listed below:
- Camden Town Unlimited has over ten years’ experience of serving the business community, with its fundamental purpose to enhance the commercial environment, creating a robust and sustainable economy, which can support businesses of all sizes. The organisation implements community projects that bridge the gap between major companies, start-ups and residents.
- Fitzrovia Partnership work closely with community groups, residents and the local authorities to deliver the following key themes identified by members and set out in their business plan: Shaping Change in Fitzrovia, Reducing Costs, Sustainable Working, Safer and Cleaner, Events, Promotion and Insight
- BEE Midtown and its sister BID, BEE Farringdon & Clerkenwell form the larger business partnership, BEE London. Its aim is to enhance life for the local business community by looking at infrastructure, pollution, traffic and methods of improving the physical environment. They also run networking events, idea exchanges, volunteer schemes and other initiatives.
- Hampstead Village BID was established in September 2016 and aims to invest £1.2 million during its five-year term towards projects that benefit and enhance local businesses and general trading environment. By preserving and developing Hampstead Village’s appeal for residents and visitors, they are looking to increase footfall for businesses in the area and sustain the village’s unique atmosphere.
- Hatton Garden BID aims to support business growth through projects and activities that will support Hatton Garden grow as a world-renowned business and visitor destination. By revitalising the area, they plan to enhance its iconic status as London’s famous jewellery quarter.
- Euston Town became a BID in March 2016, at a crucial time as major transportation projects in the area were set to have an enormous impact on the business community. These include the transformation of Euston station and the construction of HS2 and Cross Rail 2. The BID aims to enhance the opportunities for local businesses through these developments.