Bermondsey is the first BID in the UK to benefit from DCLG’s BID loan fund, administered by British BIDs.
A ballot of nearly 300 businesses took place in July 2014. It was announced on Friday 4th July that 89% of voters were in favour of the new BID, which will be set up in October to look after the interests of local businesses.
Market stall owner Russell Dryden has been working on the proposal for a BID in Bermondsey and drove the ballot campaign with the help of a dedicated team from The means. The means set up the first BID in Southwark, Better Bankside, which has been successfully implementing improvements to the area since 2005.
The BID in Bermondsey will be a non-profit company responsible for making improvements funded by a small levy paid by local businesses. The income from levy payments is expected to total approximately £115,000.
Among the planned improvements are free recycling and reduced cost waste collections, a warden scheme and a catering school for young people. The introduction of a BID will give local businesses more influence, allowing them to choose how money is invested in and around The Blue.