Decision details
Decision Maker: Business & Economic Growth Portfolio Holder
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
To decide whether to award a SME Growth Fund Grant to Dolphin Sails Ltd., an established company in Harwich.
Decision:
To refuse the application received from Dolphin Sails Ltd. requesting a grant of £125,000 from the SME Growth Fund.
Reasons for the decision:
The application submitted by Dolphin Sails Ltd. met all eligibility criteria in order to submit a Full Application to the Fund. The SME Growth Fund Panel in the Autumn of 2018 approved the application subject to certain conditions being met. Officers then worked with the applicant to assist in meeting those conditions including Land Registration and formal lease arrangements. The application was put before the Panel in September 2019 but whilst three of the five members of the Panel remained supportive it was decided that whilst efforts had been made by the applicant insufficient satisfactory evidence to meet the imposed conditions had been supplied.
Therefore the application was refused.
Alternative options considered:
Either to confirm approval of the application, or to award a reduced grant or to allow an extension of time.
Interests and Nature of Interests Declared:
None
Publication date: 19/09/2019
Date of decision: 17/09/2019
Effective from: 27/09/2019
Accompanying Documents:
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