What is a BID?

A BID is a not for profit, business-led and business funded body formed to improve a defined commercial area. A BID can only be formed following consultation and a ballot in which businesses vote on a BID Proposal or Business Plan for the area.

If the Romford BID ballot is successful, businesses within the Romford BID area with a rateable value of and  above £20,000 (those below the threshold being exempt) will be asked to pay a small levy. This creates a pot of money that you, the business owner, get to spend as you see fit, tackling issues or running projects that have been identified by you and the business community.

The ballot must run for a minimum of 28 days and MUST be won on two counts: a straight majority and majority of rateable value. This ensures that the interests of large and small businesses are protected. There is no minimum turnout threshold.

The Romford BID would have a five-year minimum project life span and could collect and manage a budget, in excess of £2.5million.
 

NEXT STEPS

The work begins now and we need every business to engage and support the Romford BID campaign. We will be visiting you in the next few weeks and this is your chance to ask us about the BID and what it will mean for you.
 
If the Romford BID campaign succeeds we will have the power to create a prosperous, well-resourced town centre, with the business community at the heart of it.
 
It is time to step out of the shadows of East London and become the thriving shopping, office and leisure destination that Romford deserves to be.

MAKE YOUR VOTE COUNT

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Contact Us

If you have a question about the Romford BID or want to find out more, you can contact us here or by using the details below:

London Borough of Havering Development, Town Hall, Main Road, Romford, RM1 3BB
01708 434643
info@romfordtmp.co.uk