Issue - meetings

To consider a report of the Leader of the Council (Policy Reform and Finance) and the Executive Councillor (Economic Development and Regeneration).

(Note: this report includes information ‘not for publication’ contained in its appendix that has been circulated to executive councillors only).

The Greater Manchester Loan Fund (“GMLF”) initiative is a direct response to the failure in the current capital market for loan finance to businesses. Earlier in 2013, the Greater Manchester Combined Authority approved the establishment of a GMLF to provide loan finance for new and growing businesses in Greater Manchester. The report seeks approval for the Council to enter into an indemnity agreement to support the GMLF.

To enable the establishment of the proposed Greater Manchester Loan Fund and to give effect to the decision of the Greater Manchester Combined Authority of 21 January 2013, it is recommended that the Executive:

·                Approves the proposal to enter into a Deed of Indemnity on the terms set out in the report; and

·                Authorises the Council Solicitor to complete the necessary documentation.

Officer contact: Barry Khan / Andy Moran, 0161 474 3202/ 4086, barry.khan@stockport.gov.uk  / Andrew.moran@stockport.gov.uk

The Leader of the Council (Policy, Reform & Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to approve a proposal to enter into an indemnity agreement to support the establishment of a Greater Manchester Loan Fund to support small and medium enterprises in Greater Manchester.

(Note: the report included exempt information ‘not for publication’ contained in a confidential appendix that had been circulated to executive councillors only)

The Leader of the Council reported that this item had been exempted from call-in in order to prevent delay in establishing the fund and to co-ordinate the process with the other nine Greater Manchester local authorities. She further stated that the report would nonetheless be considered by the Corporate, Resource Management & Governance Scrutiny Committee on 17 June 2013. It was also clarified that the functioning of the fund and the impact on Stockport would also be the subject of regular monitoring.

Executive councillors welcomed the proposal and the assurances from the Chief Executive that the Fund Managers would be actively seeking companies to support and help grow.

RESOLVED – That, in order to enable the establishment of the proposed Greater Manchester Loan Fund and to give effect to the decision of the Greater Manchester Combined Authority of 21 January 2013:

·         approval be given to enter into a Deed of Indemnity on the terms set out in the report, and

·         the Council Solicitor be authorised to complete the necessary documentation.