Issue - meetings

RESOLVED – That Board Members:-

1.         Considered the background to the Fund and its performance to date.

2.         Agreed that they would be prepared to consider BIF projects by exception.

3.         Agreed that they would consider BIF Productivity Challenge and Made Smarter projects by written procedure.  

A report was received to provide Board Members on the background and performance to date of Sheffield City Region’s Business Investment Fund and context to two further reports seeking approvals to the BIF fund and the Made Smarter / Productivity fund. 

Members noted that to the end of Q1 2019/20 the Business Investment Fund had supported 55 companies, created 1,625 jobs, safeguarded 721 jobs and levered over £49m in private investment.

In March, the LEP Board approved the creation of two new categories within the Business Investment Fund – Productivity Challenge and Made Smarter. 

The Board noted that under the revised LEP Board and MCA governance arrangements, the Business Growth Board had delegated authority to consider and approve projects up to £2million.  Applications of £2million plus needed to be considered by the Combined Authority. 

Applications for the Business Investment Fund were received on an ongoing basis.  The BIF Productivity Challenge and Made Smarter had been promoted as a time bound call for projects.  It was noted that some applicants for the Made Smarter and Productivity Challenge had not provided enough detail particularly on the outcomes of their project and it was not possible to conclude the value for money assessment. 

Consideration was given by the Board to meeting outside of the 8 week cycle in order to take decisions on the projects deferred at this meeting awaiting additional information and any other projects that may arise in the intervening period on an exceptional basis or as an ongoing arrangement. 

Following discussion, the Board agreed that they would be prepared to consider BIF projects by exception and requested that information be sent to Board Members regarding how exceptions would be considered by the Board. 

                                                                                                            ACTION: R Adams

Board Members agreed that they would consider BIF Productivity Challenge and Made Smarter projects by written procedure. 

RESOLVED – That Board Members:-

1.         Considered the background to the Fund and its performance to date.

2.         Agreed that they would be prepared to consider BIF projects by exception.

3.         Agreed that they would consider BIF Productivity Challenge and Made Smarter projects by written procedure.