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: Strategic Director for Communities

Department: Communities Directorate

Contact: Matthew Epps, Projects Programmes and Funding Team Leader Email: matthewepps@warwickshire.gov.uk.

Agenda items

Documents

  • Coronavirus Business Interruption Loan Scheme - CWLEP Funding