Issue - meetings

AGREED that Cabinet approve the formal closure of the scheme.

The Business Manager – Financial Services presented a report which updated the Cabinet on the Growth Investment Fund scheme and sought to agree its closure given it had not, in practice, been operational since 2019. The report detailed the loans given to businesses during the scheme and it was reported that of the initial outlay of £1,507,968 the Council have received repayments and income totalling £1,405,054, which was 93.2% of the initial outlay and hence a default rate of 6.8%. £246,013 had previously been written off in relation to loan balances on 3 different loans and 2 remaining companies had both been subject to insolvency action.

AGREED (unanimously) that Cabinet approve the formal closure of the scheme.

Reasons for Decision

To formally close the scheme which has not been operational in practice since 2019.

Options Considered

To review the scheme and consider a refresh/relaunch; this option has not been explored in depth due to the period the scheme has been dormant.