Issue - meetings

The Head of Business Growth provided the Committee with an update on the projects being delivered by the Economic Development Team with funding from the UK Shared Prosperity Fund (UKSPF).  The intention was for the Committee to review the content provided to ensure appropriate progress was being made to deliver the projects successfully and within the timescale provided.

The UK Government had launched the UKSPF 13^th April 2022, and the Council had received an allocation of £1,963,993 from October 2022 – March 2025.  Five projects being delivered by the Economic Development Team were allocated £789,212, covering: Tourism and Culture; Business Growth Grants Scheme; Net Zero Hyper Local Innovation programme; Small Business Support Scheme; and, Visitor Economy Business Support.

The Growth and Start-up Grant Schemes had closed early due to overwhelming success amounting to nearly £230,000 with 16 applications still in appraisal.  Grants ranged from £500 - £10,000, with businesses matching this ensuring significant levels of investment in the District.  There had been 31 start-up applications and further support for them was present through other schemes.

Take-up of the other programmes offered, and an event being delivered were also reported to Committee.  The success of the UKSPF meant the next step required was to identify future funding streams and continue this momentum.

The Chair stated the work completed was very impressive.  Members agreed the Economic Development Team and their success be congratulated.

A Member asked if the list of the projects successfully funded could be shared with Committee.  The Head of Business Growth stated this would have to be researched, as businesses may not have granted permission.

A Member asked if it was possible to internally replace the funding of the Growth and Start-up Grant Schemes to continue take-up.  The Portfolio Holder for Growth could not confirm, but there had been 31 applications.  The Chief Executive and Director of Finance & Section 151 Officer could be consulted on researching this further.

RESOLVED that Members review the content of the progress report and make             recommendations to Executive, where required, on additional action that             may be needed for successful delivery.