Decision details

A Growth Fund policy setting out how a top up of Additional Restrictions Grant will be used to champion support growth within the district in line with the ‘restart’ mentality advocated from central government.

The policy details the method for administering this fund from 1^st July 2021 to support local businesses who are looking to scale and grow within the region post-pandemic.

To approve the Growth Fund Policy (Additional Restrictions Support Grant Tranche 2) as detailed above.

This policy has been developed following guidance from Government, in consultation with the Lead Cabinet Officer for Business Recovery and Skills, plus Cabinet.

Local authorities are responsible for delivering funding support to eligible businesses in response to the Covid-19 pandemic.

A second tranche of Additional Restrictions Grant funding has been announced by government, to be spent from 1^st July 2021.  In order to formalise arrangements for carrying out this function in line with government guidance, the Chief Executive, in exercise of the emergency delegation in paragraph 4.4 of the Scheme of Delegation in Part 3 of the Constitution, and the emergency delegation approved by the Leader of the Council on 30 March 2020, authorising the Chief Executive to exercise all executive functions, or to authorise specified officers to exercise any such functions, and after consultation with the Leader of the Council:-

1.  Approves the Growth Fund Policy (Additional Restrictions Support Grant Tranche 2), including details of how grant schemes will be administered to support local businesses who are looking to scale and grow within the region post-pandemic.

2. Authorises the Chief Finance Office to approve future individual discretionary grants for small businesses, as set out within the policy.

Due to the Covid 19 emergency and the need for the Council to administer these grants in line with Government guidance and to support local businesses impacted by the pandemic and subsequent restrictions.

None.  The Council is responding to Central Government direction.