Purpose

The recommendation to fund ‘Grants 4
Growth 2’, as set out in this report, enabling the immediate
mobilisation of grants for local business growth and the creation
of a growth advisory service. That a proportion of the
council’s funding relating to the Supporting Local Business
of UK Shared Prosperity Fund (UKSPF) and Rural Prosperity Fund
(RPF) is utilised for this purpose.

Decision

To award £803,131 of the
council’s allocation of UK Shared Prosperity Funding and
Rural Prosperity Funding to Grants 4 Growth 2

Reasons for the decision

Considerations and conclusions
for this investment are made within the text of this report,
including the options appraisal below.

Alternative options considered

Option 1 - Proceed as per the recommendation of this
Report

 
Under this option, the
recommendations of establishing both a business grants and advisory
support scheme will be implemented. This will support the
realisation of the benefits as set out within the report
below.
 

Option 2 – Do nothing
 
Under this option, the
recommendations are not taken forward and neither the business
grants nor the advisory scheme will go ahead and consequently, the
benefits of the report detailed below will not be
realised.