Decision Maker: Liverpool City Region Combined Authority
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Recommendation to approve the formation of a Brexit liquidity fund of up to £15,000,000. The fund would issue short term loans to Liverpool City Region enterprises that have been directly affected by terms of trade changes precipitated by a no-deal Brexit and therefore is conditional of a no-deal Brexit scenario occurring.
This is a key decision by virtue of the quantum and community impact of the finance provided.
The Liverpool City Region Combined Authority agreed that:-
(i) a loan fund be approved to deal with Brexit implications for SME’s of £15m (the Brexit Resilience Fund);
(ii) £5m of SIF resources be committed with immediate effect and delegated authority be granted to the Portfolio Holder for Inclusive Growth and Third Sector and the Director of Commercial Development and Investment to commit the remaining £10m 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