Decision - BIF Approvals - Company 42

Decision details

BIF Approvals - Company 42

Decision Maker: SCR - Business Growth Board

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

Award of £30k grant to Company 42 subject to the conditions set out in the Appraisal Panel Summary Table

Decisions:

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

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