Issue - meetings

(Report of Chief Executive)

The report reviewed the local take up of the Escalate loan fund and set out options for future support.  Proposals for the introduction of a small business boost programme to support small and medium sized businesses and encourage more local firms to apply were also presented.

Following consideration by the Economic Regeneration Advisory Board, the Cabinet Member for Economic Regeneration resolved that:

(1)             the success of  the Escalate business loan scheme be noted; and

(2)             the County Council be informed of the Borough Council’s preference for the introduction of a ‘small business boost’ element in any future loan programme.

Decision Notice D150024MEM

The Chief Executive reported on the local take up of the Escalate loan fund and set out options for future support.  Proposals for the introduction of a small business boost programme to support small and medium sized businesses and encourage more local firms to apply were also presented.

Future funding priorities were outlined and two options being considered included continuing the scheme on the same terms as the original Escalate programme and the introduction of a more focused element of loan funding, aimed at smaller businesses with a more streamlined application process.   The latter had operated successfully in East Kent as a ‘small business boost’ programme. 

It was reported that a ‘small business boost’ approach could continue to meet local needs and potentially encourage more local firms to apply given the small business focus and an easier application process. 

RECOMMENDED:  That

(1)             the success of  the Escalate business loan be noted; and

(2)             the County Council be informed of the Borough Council’s preference for the introduction of a ‘small business boost’ element in any future loan programme.