Decision details

The Head of Regeneration and Prosperity provided Cabinet with a summary of the current Enterprise Support Programme which offers financial assistance to small and medium sized enterprises with development ambitions and a commitment to creating jobs. The Head of Service explained that the proposals outlined within the report proposed changes to the current criteria to ensure that the Programme can be more flexible and responsive to business needs whilst supporting sustainable economic growth. It was added that a wider range of performance indicators would be included which could be used as a more effective measurement of growth and the contribution that the investment makes to the local economy.

Members were referred to section 5 of the report which provided a review of the current programme and Members were provided examples of where the requirement for job creation had proven to be very restrictive to potential applicants, with the Head of Service advising that in some circumstances it had not been possible to support a deserving proposal as the enterprise would not be employing additional staff.

Detail of the proposed revisions to the programme where further outlined with details of the benefits to the scheme also being outlined.

The Cabinet Member for Enterprise, Development & Housing welcomed the revision to the programme commenting on the uncertainty for small business in respect of Brexit and the benefits the revisions would have to encourage business growth.  The Cabinet Member referenced the business ‘birth’ and ‘death’ rates highlighted in the report, commenting that the number of small business in RCT was double that of the Welsh national average.

The Leader also welcomed the revisions and the support being provided to small business to assist with sustainability.

It was RESOLVED:

1.    That the revised criteria set out in paragraphs 6.1-6.5of the report are approved