Decision Maker: SCR - Business Growth Board
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Award of £30k grant to Company 42
subject to the conditions set out in the Appraisal Panel Summary
A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Made Smarter grant of £30,000 to a company which is involved in the first stage machining of high temperature/corrosion resistant alloys which are used within the oil/gas and aerospace industries.
The grant would allow the company to fit existing machines with more modern control systems to enable quicker and easier programming / set up and to enable the company to tackle more complex jobs more efficiently.
The project is estimated to create between 1 and 2 FTE’s by 2020. This represents a gross cost per job of £30,000 to £15,000, considered acceptable value for money for the BIF Made Smarter investment.
Report author: Sue Sykes
Publication date: 06/11/2019
Date of decision: 23/10/2019
Decided at meeting: 23/10/2019 - SCR - Business Growth Board