Issue details
Coronavirus Business Interruption Loan Scheme - CWLEP Funding
The decisions are required in order to make
available £1 million of funding allocated by Coventry and
Warwickshire Local Enterprise Partnership (CWLEP) to support
delivery of the Government’s Business Loan Interruption
Scheme (CBILS) in Warwickshire via Coventry and Warwickshire
Reinvestment Trust (CWRT). In particular, approvals are sought for
the Council to enter into an agreement with Coventry City Council
(CCC) for £1 million of CWLEP funding for the purposes of
CBILS and a loan agreement with CWRT for the on-lending to
businesses in Warwickshire. CCC act as Accountable Body for the
CWLEP. However, they are unable to secure loans to CWRT for
on-lending to businesses based in Warwickshire. The Council, on the
hand, has existing security arrangements in place with CWRT (as
part of a small number of existing loan agreements) which can be
used to provide security for the CWLEP funding. CCC have,
therefore, requested that the Council enters into the loan
agreement with CWRT on behalf of CWLEP for the on-lending of the
CWLEP funds to Warwickshire businesses.
Decision type: Key
Decision status: Recommendations Approved
Divisions affected: (All Divisions);
Notice of proposed decision first published: 15/10/2020
Decision due: 23 Oct 2020 by Leader of the Council
Lead member: Leader of the Council
Lead director: Executive Director for Communities
Department: Communities Directorate
Contact: Matthew Epps, Lead Commissioner (Business & Economy) Email: matthewepps@warwickshire.gov.uk.
Agenda items
- 23/10/2020 - Portfolio Holder Decisions/Leader Decisions Coronavirus Business Interruption Loan Scheme - CWLEP Funding 23/10/2020
Documents
- Coronavirus Business Interruption Loan Scheme - CWLEP Funding