Decision details

To approve the allocation of the ARG.

RESOLVED to:

1.    Approve the allocation of £0.5m from the ARG first tranche of £2.5 received to wider business support measures with the balance and subsequent tranches being allocated to direct business grants alongside other grant schemes.

2.    Approve the proposed four priority areas for strategic business support and the indicative initial spending plan set out in Annexe 1.

3.    Delegate to the Strategic Director in consultation with the portfolio holders for finance and economic development, the spending of the wider support funding on specific business support projects and initiatives during 2021/22, having regard to the plan set out at Annexe 1.

4.     Request officers to monitor activity and spending and report to councillors as part of the quarterly performance reports to Overview and Scrutiny Committee and the Executive and to review the agreed proposals in six months, seeking approval if material changes are required.

Reason: The impact on the economy on certain sectors has been considerable and this money enables Waverley Borough Council to work in a more strategic ways to assist recovery and long term support to local businesses and employment. The delegation requested will enable speedy utilisation of these vital government funds to support businesses where it is most needed. These proposals are in addition to the significant package of grants being awarded by Waverley through the government’s various Covid support schemes.

[VALUE FOR MONEY OVERVIEW & SCRUTINY COMMITTEE]