Purpose

(1)  
To agree the principle of LDC providing a
subordinated loan to Wave Community Bank.
 

(2)  
Cabinet to agree the amount the Council would be
willing to provide.
 

(3)  
Cabinet to agree the term (period) of the
loan.
 

(4)  
To give delegated authority to the Section 151
Officer to enter discussions with Wave Community Bank to agree a
set of outcome principles and performance targets to be achieved
during the term of the loan, which to be presented at a subsequent
meeting of this committee before any loan is agreed.

Content

(Key
decision):
 
(1) To agree the principle of
Lewes District Council providing a subordinated loan to Wave
Community Bank, subject to legal advice and full due
diligence.
 
(2) To agree the amount of up
to £100,000 as a potential loan as outlined in the
report.
 
(3) To agree the term (period)
of the potential loan.
 
(4) To give delegated authority
to the Section 151 Officer, in consultation with the Cabinet member
for finance, assets and community wealth building to enter
discussions with Wave Community Bank to agree the terms of the loan
and a set of outcome principles and performance targets to be
achieved during the term of the loan, which to be presented at a
subsequent meeting of Informal Cabinet before any loan is
agreed.