Decision details

LCR 90 - Strategic Investment Fund: Flexible Growth Fund

Decision Maker: Liverpool City Region Combined Authority

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Recommendation to approve the formation of the Flexible Growth Fund of up to £20,000,000. The Fund would issue soft loans to incentivise employment and productivity enhancing projects by incumbent Liverpool City Region enterprises. This is a key decision by virtue of the quantum and community impact of the finance provided.

Decision:

The Liverpool City Region Combined Authority agreed that:-

 

(i)         the provision of a loan fund of £20m (the Flexible Growth Fund) be approved;

 

(ii)        £5m of SIF resources be committed with immediate effect and authority be delegated to the Portfolio Holder of Inclusive Growth and Third Sector and the Director of Commercial Development and Investment to commit the remaining £15m as demand for funding occurs; and

 

(iii)       Authority be granted to the Director of Commercial Development and Investment to finalise negotiations of detailed terms of the Fund and associated agreements in consultation with the Combined Authority Monitoring Officer and the Combined Authority Treasurer.

Publication date: 04/10/2019

Date of decision: 04/10/2019

Effective from: 12/10/2019

Accompanying Documents: