Issue - meetings

[Report of the Director for Housing, Regeneration and Planning. To be introduced by the Cabinet Member for Local Investments and Economic Growth.]

This report seeks approval for the proposed Opportunity Investment Fund expansion to cover the Wood Green regeneration area and industrial estates in the east of the borough.

The Cabinet Member for Local Investment and Economic Growth introduced this report which sought approval for the proposed Opportunity Investment Fund expansion to cover the Wood Green regeneration area and industrial estates in the east of the Borough.

The Cabinet Member highlighted page 127 of the report and noted that the Council was aware not all Small Businesses Loan Fund beneficiaries might succeed but this had been factored into the budget. However, that should not be used as an inhibitor to the Council seeking to assist small businesses through the small loan funds.

The Cabinet Member emphasised the need to support small businesses to grow and discussed the businesses along hermitage Road, such as Albion Knit, which had received a loan from the Council. It was noted that the Council would only support businesses it deemed to have a workable business plan that demonstrated how it would grow.

In response to questions from Councillor Connor, the following information was provided:

• Officers informed that the body which administered over the Small Loan Funds was primarily the Council’s Regeneration and Economic Department, however, finance and legal also provided input given this was a corporate decision-making process. External advisors were also used to assess the business plans.
• Regarding the size of the team involved directly, Officers confirmed there were two support officers, each responsible for either the Opportunity Investment Fund and the new Productive Valley Fund. The support officers engaged frequently with the businesses in receipt of loans to ensure they were functioning as they informed the Council they would be and also to ensure the health of the business.

Officers would confirm to Councillor Connor in writing how many of the number of apprenticeships referenced at ‘Objective 17b)’ on page 125 had started.

RESOLVED

1. To agree that the Opportunity Investment Fund is expanded to cover the Wood Green regeneration area and industrial estates in the east of the borough in addition to the existing coverage of the Tottenham regeneration area for the reasons outlined in sections 4-5, so that the balance of Opportunity Investment Fund (£1.26M to date) and future repayments will also be eligible to cover businesses in this expanded area going forward.

2. To note the achievements of the Opportunity Investment Fund to date and the soon to launch Upper Lee Valley Productive Valley Fund, as well as the management arrangements of both funds.

Reasons for decision

A recent business survey in Wood Green found that almost three-quarters of them had plans for expansion, although not all of these will need public sector support to realise those plans. By expanding, OIF would support businesses to remain and expand in Wood Green and Tottenham and reduce the number of those needing to relocate outside of the borough.

Wood Green is also the borough’s metropolitan town centre and a prime employment area with well-advanced Council and partner plans to enhance and improve the commercial space offer through a jobs-led programme of change which will bring forward a pipeline of commercial space  ...  view the full minutes text for item 38