Decision details

RESOLVED that –

(a)     the Council’s SME Growth Fund Scheme be extended to March 2020 and that the scheme objectives set out in the Portfolio Holder’s report be agreed, with a focus on job creation and growth outcomes;

(b)     the extension be funded from £250,000 of the allocation from the budget allocation already in place;

(c)     the scheme is opened up to all business sectors (with the exception of retail);

(d)     the scheme funding levels are split into two streams, namely Minor (£3,000  - £15,000 and Major (£15,001 - £150,000) grant programmes;

(e)     the intervention rate of up to 50% will be applied to all applications;

(f)       the Corporate Director (Planning and Regeneration) in consultation with the Head of Finance, Revenues & Benefits, be authorised to agree Minor applications (awards of £3,000 - £15,000) which will be published as Officer Decisions;

(g)     the current approval of Major applications (£15,000 - £150,000) via the Grants Panel is maintained and that membership of the Grants Panel is unchanged as set out in the Portfolio Holder’s report;

(h)     the Corporate Director of Planning and Regeneration, in consultation with the Portfolio Holder for Investment and Growth, be authorised to update the scheme’s Project Appraisal Manual and associated materials in order to reflect the changes detailed in the Portfolio Holder’s report; and

(i)       a future report be brought forward with options for the use of the remaining funds within the initial SME Growth Fund budget to support other economic growth activities.