Decision details

The Business Manager – Economic Growth presented a report which outlined proposals for the delivery of a Business Resilience Programme focussing on key sectors identified in the Council’s Economic Growth Strategy. It was proposed that a fund of £300,000 be allocated to a series of programmes designed with sector delivery partners to enable business resilience and growth in identified sectors. This programme would be complimentary to the existing Retail High Street Diversification Fund created by the Council in November 2020 which was targeted at independent retailers.

The Programme would be delivered by the private sector and enabled through a procurement exercise to suppliers with specialisms in identified sectors. It was considered that this would assist in minimising the reliance on the public sector via solely grant provision and enable long term supported economic growth.

AGREED (unanimously) that the creation of £300,000 budget be approved, for the delivery of a Newark & Sherwood Business Resilience Programme running through 2021/22, funded through £100,000 use of the Additional Restrictions Grant and a one off contribution from the Council’s 2021/22 budget.

Reason for Decision

Businesses have endured a difficult year with the pandemic, and whilst survival has been the priority as we move into a national vaccination programme it is important for business and industry are able to adapt and build resilience. This approach will allow our local businesses in the identified key sectors of our economy, to have the necessary support for future economic growth.