Issue - meetings

(i)        to note that the Council’s investment in Business Loans Scotland of £225,000 will be repaid when the loan fund is closed;

(ii)       to approve the Council’s continued participation in a new national loan fund model whereby appropriate council officers will only be required to carry out initial verification of local businesses with all due diligence being carried out by a specialist team. As the Scottish Government is providing all the loan funding there will be no direct financial implications to the Council; and

(iii)      to approve the implementation of the Co-operative Business Development Fund to support local businesses to deliver pilot projects and events designed to increase their business prospects per the proposals at 3.8 to 3.13.

The Committee had before it a report by the Chief – Officer City Growth which provided information on Business Loans Scotland and sought approval for the implementation of the Co-operative Business Development Fund.

The report recommended:-

that the Committee –

(a)       note that the Council’s investment in Business Loans Scotland of £225,000 will be repaid when the loan fund is closed;

(b)       approve the Council’s continued participation in a new national loan fund model whereby appropriate council officers will only be required to carry out initial verification of local businesses with all due diligence being carried out by a specialist team. As the Scottish Government is providing all the loan funding there will be no direct financial implications to the Council; and

(c)       approve the implementation of the Co-operative Business Development Fund to support local businesses to deliver pilot projects and events designed to increase their business prospects per the proposals at 3.8 to 3.13 of the report.

The Committee resolved:-

to approve the recommendations.