Issue - meetings

That (A) the proposal for a discretionary business growth incentive scheme is approved, according to the operating procedures as set out at Essential Reference Paper B of the report submitted; and

(B)     £150,000 is allocated from the New Homes Bonus Reserve to fund the scheme.

The Executive Member for Economic Development submitted a proposal to set up a discretionary business growth incentive scheme funded from the New Homes Bonus. He informed the Executive that this scheme would encourage small business growth within the District, and would have a cap of £10,000 relief. He advised of a minor change in the approval process as detailed at paragraph 2.4 of the report submitted, whereby the money would be transferred to the revenues service as and when it was approved and not at year end.

In response to questions, the Executive Member and the Chief Executive outlined the proposed role of the Business Engagement Manager.  In respect of the suggestion that the Council should look at taking equity stakes in start-up businesses, the Executive Member undertook to consider this further.  The Leader suggested that the new Business Engagement Manager could look at this.

The Executive approved the proposals aas now detailed.

RESOLVED - that (A) the proposal for a discretionary business growth incentive scheme is approved, according to the operating procedures as set out at Essential Reference Paper ‘B’ of the report submitted; and

(B)      £150,000 is allocated from the New Homes Bonus Reserve to fund the scheme.