Acton will soon be getting a new Business Improvement District (BID) to help revitalise the area and help local businesses to grow and prosper.
The Acton BID will become the third in Ealing borough following on from the successful Ealing Broadway (Make It Ealing) and West Ealing BIDs. Each BID lasts for five years, after which time businesses inside the business zone vote on whether to renew the BID for another term. The first Acton BID will cover 2018 to 2023.
The vision for the Acton BID is:
- to make the area clearer, safer and more welcoming for visitors;
- to ensure that businesses are given every opportunity to succeed, trade and grow; and
- that businesses are supported through representation, support, and investment.
The work of the BID is funded through a small contribution of 1.25% of the rateable value of a business. Businesses that have a rateable value of less than £10,000 are exempt from the charge. Businesses that border but fall just outside the BID are encouraged to pay a voluntary contribution to support the work.
An Acton BID will mean, for the first time, that the business community in Acton will have a realistic budget which can bring about better change and increase business. A BID will assist businesses by better cooperation, thereby reducing costs on for example marketing, waste, security, and insurance.
BIDs, including the two existing Ealing BIDs, have proved to be successful because they have:
- Increased local spend and footfall
- Improved environments and offered reward and incentive for employees
- Provided business support services
- Attracted additional funding
- Forged links with public and other private sector agencies
- Helped reduce business costs.
Cllr Julian Bell, leader of Ealing Council, said; “With the way consumers are changing their spending patterns, it’s imperative that the high street fights back and stays relevant and appealing to today’s busy shopper. BIDs are an excellent way for local businesses to work together to promote their area as attractive, enticing and offering something special.
“We know that thriving high streets have a positive effect on the way that residents feel about their local areas, help deter crime and create a better sense of community.”
To find out more about the work of the bid click here www.actonbid.co.uk