Venue: South Yorkshire MCA, 11 Broad Street West, Sheffield, S1 2BQ
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Welcome and Apologies Minutes: The Chair welcomed attendees to the meeting.
Apologies for absence were noted as above. |
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Declarations of Interest by individual Members in relation to any item of business on the agenda. Minutes: None. |
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Urgent items / Announcements Minutes: None. |
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Public Questions of Key Decisions Minutes: None. |
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Minutes of the Previous Meeting Additional documents:
Minutes: RESOLVED: That the minutes of the meeting held on 27th October 2022 be agreed as a true record. |
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Matters Arising / Action Log Minutes: It was noted that most open actions would be closed following presentations and reports within this agenda.
The Tech South Yorkshire proposal was currently undergoing the assurance process which would likely be complete early in the new year.
RESOLVED: to note the Action Log and updates. |
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Development: Overview of SYMCA Assurance Process Minutes:
A presentation was given which summarised the MCA’s funding and assurance processes for Business Recovery and Growth (BRG) projects.
The presentation gave the Board detail on:
It was noted that the BRG Board does not have access to a specific fund for general investment, but does have access to funding for specified programmes of activity. This includes programmes such as Made Smarter along with funding provided by the MCA Board for bodies of activity such as the Business Renewal Action Plan work.
Members of the Board were critical of the length of time it could take to fund projects. The response was given that a balance is needed between an appropriate level of assurance to satisfy Government devolution requirements and the speed of the process. It was noted that how the MCA’s obligations towards assurance are discharged is currently being reviewed with an emphasis on ensuring that the balance between the rigour of appraisal and speed of delivery is appropriate.
A summary was then given of the current financial position in the Business area of the MCA’s work, noting:
Roughly £4m of funds remained in the Business Renewal Action Plan (RAP) previously provided in 2021, and the Board requested an update on Renewal Action Plan to be presented to the next Board meeting.
ACTION: Innovation Project Director to provide an update to the February Board meeting regarding the impact of spent RAP funds, and recommendations for allocating the remaining amount.
An overview of how the business pipeline is funded was given, noting that:
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SYMCA Support for Access to Finance for Business Minutes: A report giving an overview of support for access to finance for business was presented to the Board.
The report outlined that MCA advisors prioritise access to private sector funders for all initial enquires for support, including referrals to: · Northern Powerhouse Investment Fund (NPIF) funders (locally these are Mercia and Finance for Enterprise). · UK Steel Enterprise. · Finance Yorkshire. · Secondary funders such as Funding Circle. · Primary banks. · Asset based lenders such as Invoice Finance or Asset Finance providers. · Key Fund.
It was noted that the MCA is often a lender or funder of last resort once other options are exhausted and therefore there may be many reasons not to fund certain requests, which presents challenges in making funding decisions.
It was noted that a variety of circumstances determined whether businesses are offered financial support, and if so, whether they are offered a loan, grant, or other financial assistance, such as:
It was asked how SYMCA’s approach compared to other Combined Authorities, and whether more favourable terms could be provided for investment in South Yorkshire. It was noted that West Yorkshire Combined Authority have an allocated fund for inward investment, but most other authorities do not deliver the same kind of support as the MCA.
It was noted that MCA investment at this time was focussed on large major investments, but that small grant schemes may exist in future. Some small grants were being made, including a ‘soft landing’ package to support new businesses with rent payments. Small grants would also be a possibility within the Made Smarter scheme.
RESOLVED: to note the report. |
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Business Investment Pipeline Minutes:
RESOLVED: To note the Business Development Projects Status Update. |
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Project Mandate Approval Minutes: A Project Mandate seeking approval to progress through the SYMCA assurance process was presented to the Board.
RESOLVED: To accept the Mandate and allow it to progress further through SYMCA’s assurance process.
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Any Other Business Minutes: The Board requested an update on the progression of the UK Shared Prosperity Fund. An update was given that:
The Board asked that information on the progression of Year 2 funding for business support be brought to the next Board meeting.
The Board noted that this was the Director of Business & Skills final Board meeting, and thanked him for all of his work at the MCA.
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