The Caterham business community is being invited to find out more about the benefits of the town becoming a 'Business Improvement District' ('BID').

Since 2004 the BIDs legislation has encouraged businesses in England and Wales to develop their own unique area improvement plans. It works by teaming up a business community with its local authority to develop projects and services that will benefit local trade.

The BID proposal would be developed through research and consultation with local businesses. The proposal would then be voted upon by local businesses. If voted through all local businesses, big and small, would be expected to pay a levy based upon their business rateable value to fund the improvements. Most BIDs also include exemptions from the levy such as businesses below a certain rateable value, voluntary organisations, schools or other not-for-profit organisations affected by the BID.

Each BID is operational for a maximum of five years before a new vote has to be taken. The services and improvements must be in addition to those already provided by the local authority and other statutory agencies. BIDs have been shown to add value, encourage investment and increase footfall to areas.

Chairman of the Caterham Business Partnership, Andrew Browne, said: "I think a BID is a great way forward for the town because it means that it will give us a reasonable pot of money to do things in Caterham because all businesses will have to pay the levy if it is voted in, not just a minority of small businesses. I hope local businesses will get behind it as it has shown to work really well in other towns that have a BID, such as Hitchin."

Local business owners are invited to hear more about the BID proposal at a meeting of the Caterham Business Partnership being held at 6pm on Monday 15th April at Caterham Police Station in Timber Hill Road, Caterham Valley. For more information call 01883 340678.

Alternatively, Keith Hoskins, Town Centre Manager, Hitchin BID and Matthew Sims, Chief Executive Croydon BID will be speaking at the Soper Hall on Wednesday 15th May at 2pm.  All are welcome.