Decision Maker: Executive
Decision status: Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To allow members to consider future funding
arrangements for both schemes.
Executive considered a report of the Portfolio Holder – Growth/Economic Development that provided an update on the Bolsover Growth Fund (BGF) and the Economic Loan Fund (ELF). The report provided information on the uptake and the current funding position for both schemes.
Moved by Councillor Steve Fritchley and seconded by Councillor Duncan McGregor
RESOLVED that –
1) the Council continue to offer the Economic Loan Fund in its present form and the Bolsover Growth Fund should not receive additional funding and remain closed to further applications.
2) the future funding arrangements for the Bolsover Growth Fund and Economic Loan Fund be reviewed whichever was the sooner of the end of the 2021/2022 financial year or once all funding for the Economic Loan Fund had been committed.
(Assistant Director of Development and Planning)
REASON FOR DECISION:
The existing pressure on the Council’s revenue budgets and its reserves made finding additional funds for the Business Growth Fund difficult. It was therefore recommended that the Council should continue to offer the Economic Loan Fund in its present form and the Business Growth Fund should remain closed.
OTHER OPTIONS CONSIDERED:
The alternative options for the future of the Business Growth Fund and Economic Loan Fund and the reasons for rejection were set out in the report.
Reason Key: Revenue Income or Expenditure of £75,000 or more;
Wards Affected: (All Wards);
Contact: Chris Fridlington, Assistant Director of Development and Planning Email: Chris.Fridlington@bolsover.gov.uk.
Report author: Chris Fridlington
Publication date: 06/10/2021
Date of decision: 04/10/2021
Decided at meeting: 04/10/2021 - Executive
Effective from: 14/10/2021