Issue - meetings

Review of Business Growth Fund and Economic Loan Fund

Meeting: 04/10/2021 - Executive (Item 47)

Review of Business Growth Fund and Economic Loan Fund

(Paragraph 3)

Decision:

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.

Minutes:

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.

 

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