Purpose

To approve provision of
financial support in the form of a loan to Wave Community Bank
following previous cabinet agreement to support the loan in
principle.

Content

(Key
decision):
 
(1) To agree the form of loan
for LDC to provide a subordinated loan to Wave Community Bank
following legal advice and full due diligence.
 
(2) To agree the amount of up
to £100,000 as a loan as outlined in this report.
 
(3) To agree 5 years with an
optional 5-year extension as the term (period) of the
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 complete the
loan agreement with Wave Community Bank and to approve any
extension.