A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Indigenous grant of £85,000 to an environmental print business who would like to expand and purchase new machinery.
The project is estimated to deliver 10 gross and 4 net additional full time equivalent (FTE) jobs, representing an LGF cost per net additional job of £20,988. The 4 net additional jobs will yield additional GVA of circa £1.4m (present value) over ten years, which equates to a return of £16.97 for every £1 of LGF investment. The project is therefore considered to provide acceptable value for money for the BIF Indigenous investment.
Board Members asked if the cotton bags sold by company 0104 were biodegradable.
S Sykes agreed to obtain confirmation when the contract was issued to Company 0104. ACTION: Sue Sykes.
RESOLVED – That Board Members considered and approve:-
1. Award of £96k grant to Company 28c subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix A.
2. Award of £74k grant to Company 37c subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix B.
3. Award of £50k grant to Company 38 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix C.
4. Award of £30k grant to Company 42 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix D.
5. Award of £50k grant to Company 52 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix E.
6. Award of £30k grant to Company 53 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix F.
7. Award of £29k grant to Company 08 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix G.
8. Award of £80k grant to Company 10 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix H.
9. Award of £45k grant to Company 12 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix I.
10. Award of £30k grant to Company 15 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix J.
11. Award of £80k grant to Company 18 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix K.
12. Award of £100k grant to Company 23 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix L.
13. Award of £100k grant to Company 35 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix M.
14. Award of £85,000 grant to Company 0104 subject to the conditions set out in the Appraisal Panel Summary table attached at Appendix N.
Delegated authority be given to the Head of Paid Service in consultation with the s73 and Monitoring Officer to enter into legal agreements for the schemes covered in 1-14 above.