Issue - meetings

To receive a report by the Cabinet Member for Economic Development and Corporate Director for Growth, Environment and Transport that explains the i3 programme and sets out KCC’s role.

1.    The Economic Strategy and Policy Manager, Ross Gill, introduced a report that seeks the support of the Cabinet Committee for KCC accepting a Local Growth Fund grant allocation to operate a programme of loans to businesses. He explained that this would run on the same platform as the existing Expansion East Kent, TIGER and Escalate schemes. Loans would be aimed at small businesses in Kent and Medway with the potential for innovation and growth. Recipient businesses will be decided by competitions, as opposed to an open application system. This allocation was approved by the Accountability Board of the LEP on 13 November 2015.

2.    Mr Gill received comments and responded to questions by Members as follows:

a)    He stated that we could seek to prioritise companies with significant export potential.

b)    It was clarified that this is Capital Funding so it could not be used to support export promotion activities.

c)    He confirmed that this is entirely a loan product and that a number of lessons have been learned in this area over the past few years that Mr Gill was confident they had taken on board.

3.    RESOLVED that the Cabinet Committee endorse the recommendation in the report.