CABINET 31 MARCH 2009 PARTNERS FOR GROWTH - BUSINESS FUNDING SCHEME
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1 Agenda Item: 9 CABINET 31 MARCH 2009 PARTNERS FOR GROWTH - BUSINESS FUNDING SCHEME Portfolio Holder: Report from: Author: Councillor Jane Chitty, Strategic Development and Economic Growth Robin Cooper, Director of Regeneration, Community and Culture Wayne Saunders, Economic Development and Business Support Officer Summary This report proposes a single revision to the Medway Council Partners for Growth scheme. This would complement sector priorities outlined in the Medway Economic Development Statement (currently under revision) and Medway Learning and Skills Plan. 1. Budget and Policy Framework 1.1 This is a matter for Cabinet. The Partners for Growth scheme is a key component of the competitiveness aim of Medway s Economic Development Statement , which sets out a specific action plan to prompt business growth. 1.2 The scheme is also consistent with the Council s Community Plan and is a mechanism to deliver Local Area Agreements NI152, NI161, NI163 and NI Background The current scheme 2.1 The Partners for Growth (PFG) scheme was developed by Rochesterupon-Medway City Council in 1994 as a package of grants and free expert advice for local businesses. 2.2 PFG was introduced during a period of high unemployment and economic recession. The scheme s primary objectives were to create
2 new employment and wealth for the area by helping businesses, primarily in manufacturing and engineering sectors, to grow. 2.3 The Economic and Tourism Development Committee established the scheme on 23 May 1993 (decision number 239/5/93 relates). The scheme was designed to assist small and medium sized established local companies who had a good track record and a growth opportunity but were unable to fully fund the project themselves. 2.4 The Assistant Director for Development, Economy and Transport has delegated authority to approve PFG loans, in consultation with the Portfolio Holder for Strategic Development and Economic Growth. The scheme also operates within European Legislation on State Aid under De minimus aid (see Section 7). 2.5 Partners for Growth was identified as an exemplary business support scheme when Medway Council was awarded Beacon status for Supporting New Businesses in 2005/06. Application Criteria 2.6 The scheme is available to businesses located, or relocating, within Medway Council s area and employing less than 50 people. Ideally the business should be able to demonstrate at least 2 successful trading years with supporting accounts and provide a detailed business plan for growth. 2.7 The scheme gives preference to businesses in the following sectors: Specialist manufacturing and engineering Leisure, tourism & retail Creative industries Construction sector Health & social care sector Finance and business services 2.8 Growth businesses are defined as those that can demonstrate growth in terms of Gross Value Added (GVA) above Medway average and, where possible, above South East average. GVA per capita is expressed as the contribution to the economy per employee and the Medway GVA per capita figure is 11,000 compared to a South East average of 18, Businesses are expected to demonstrate workforce development through job creation and/or staff training. Partnership 2.10 PFG Partners are the Council, the business and its Bank. The Council currently only intervenes where the business is unable to fully finance the growth from existing resources or through bank loans.
3 Successful PFG applicants must provide satisfactory evidence of the expenditure The PFG interest free loan scheme provides loans of an average of 10,000 and in exceptional cases has provided loans up to 25,000. Loans are repayable over 3 years and include a repayment holiday in the first 6 months Applications are referred to Medway Council Economic Development by professional Business Advisors through either Business Support Kent or Enterprise First (Enterprise Agency of North Kent) Successful businesses are monitored on a regular basis over the loan term by visits from Business Advisors provided through a service level agreement with Enterprise First. Scheme Performance 2.14 The scheme has provided the following results: Total value of grants 925,000 Total loans since ,250 Bank investment levered 4,156,616 Investment from businesses 3,823,540 Jobs protected 1,615 Jobs created 923 Due Diligence and Default Rate 2.15 Applications are endorsed by the businesses Bank and Business Advisor. Economic Development Officers carry out a credit check and ensure that the business is up to date with business rates The loan agreement includes personal guarantees from Directors and owner/managers. During the operation of Partners for Growth, careful selection and close monitoring of businesses has ensured an exemplary default rate of 3%. Current Fund 2.17 There is currently 84,330 on loan and 30,063 available to lend Council has recently approved an additional 135,000 funding for the scheme. 3. Emerging issues affecting the loan criteria 3.1 There is a need to revise the loan scheme criteria to take account of the current economic climate.
4 4. Consultation 4.1 Feedback from local businesses and professional Business Advisors show that SME s are finding difficulty obtaining funding from their Banks in the current economic conditions. 4.2 Banks, however, are reporting that they are still lending at levels near to those of the last quarter of Medway Council has not processed Partners for Growth loan application since July Proposals 5.1 It is therefore proposed that PFG applications may be considered where there is no Bank match funding available. 6. Options 6.1 Option 1 - Consider PFG applications where there is no Bank match funding available. The company will be expected to be making a significant investment and the Council loan will not exceed the funding contribution from the business. 6.2 Option 2 Maintain the present scheme as it is currently operated. 7. Financial and legal implications 7.1 During the operation of Partners for Growth, careful selection and close monitoring of businesses has ensured an exemplary default rate of 3%. 7.2 The scheme is operated in accordance with Article 87 European Community Treaty, Commission Regulation (EC) No 1998/2006, De minimis Aid Block Exemption. This Regulation permits the Council to provide aid awards of less than Euros 200,000 (approximately 120,000) over a rolling three year period to an enterprise regardless of company size. This limit applies from 1 January This award must, however, be cumulated with all other de minimis aid from the 'state' and, if such aid is granted, it is the Council s responsibility to verify the aid received by the potential recipient from other sources in the three years preceding the date of the award and records must be kept for 10 years. The state includes all public sources (central government departments, local authorities and RDAs). Various types of funding count as state aid, including grants, low interest or interest free loans, guarantees, rent rebates or sale of land at less than best price. In the case of interest free loans the aid given equates to the interest saved and value of free advice provided.
5 7.3 Any aid given to an undertaking active in the road transport sector must not exceed EUR 100,000 over a period of three years. Also, De minimis aid cannot be given to undertakings in certain sectors, or for certain purposes. The sectors/purposes excluded are: undertakings active in the fisheries and agriculture sectors, undertakings active in the primary production of agricultural products, in the processing and marketing of agricultural products, undertakings active in the coal sector aid directly linked to the quantities of exports aid contingent upon the use of domestic over imported goods aid for the acquisition of road freight transport vehicles granted to undertakings performing road freight transport for hire or reward aid granted to undertakings in difficulty. 7.4 EU Definition of a Small Business Less than 50 employees Turnover not exceeding 7 million Euros Balance sheet not exceeding 5 million Euros Is independent i.e. not a subsidiary of a much larger company. 8. Recommendations 8.1 It is recommended that Members agree the proposal in paragraph. 6.1 Option 1 9. Suggested reasons for decision(s) 9.1 The recommended revisions to the Medway Council Partners for Growth scheme will enable it to be more flexible to meet the needs of businesses in the current economic climate. 9.2 The recommended revision will enable the scheme to more effectively meet the needs of the Council s Regeneration, Economic Development and Community plans. Background Papers: Economic Development Statement (under revision) Lead officer contact: Wayne Saunders Economic Development & Business Support Officer Level 3, Gun Wharf wayne.saunders@medway.gov.uk Direct Dial:
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