Decision details

The Director, Prosperity and Development presented the report, which sought Cabinet’s approval to refocus the existing business support grant schemes delivered by the Regeneration Service, and to establish three further schemes – the Town Centre COVID 19 Recovery Grant, the Major Projects Investment Fund and the Flood Resilience Grant.  The Director explained that the grant schemes would enable the Council to provide a portfolio of financial investment to support businesses to respond to the economic challenges they face, helping them build their resilience, support economic growth and diversification with the aim of stimulating future private sector investment.

The Cabinet Member for Enterprise Development and Housing voiced his support for the proposals and took the opportunity to thank officers for working through the difficult times to establish the schemes to support businesses. The Cabinet Member commented that it was critical for businesses to receive support following the impact of Covid-19 and Storm Dennis and felt that it would be key to monitor the effectiveness of the schemes going forward.

The Deputy Leader echoed the Cabinet Member’s comments and spoke of the importance of supporting the town centres, along with promoting social distancing measures.

The Leader spoke of the Flood Resilience Grant, commenting on its importance to businesses and in particular to those which may not be entitled to insurance.

The Cabinet RESOLVED:

1.    That the purpose of the Enterprise Investment Fund and Town Centre Maintenance Grant is refocused to incorporate actions, as set out in paragraph 5.1.3 and 5.2.3 of the report, to more effectively support business recovery post COVID-19;

2.    A new RCT Town Centre COVID-19 Recovery Grant is established to deliver Welsh Governments Transforming Towns Grant of £350k;

3.    A Major Projects Investment Fund is established to provide targeted investment for projects led by external organisations, which will deliver significant economic benefit; and

4.    A Flood Resilience Grant is established to provide targeted support for businesses in Town Centres who were severely impacted by the significant flooding caused as a result of Storm Dennis.