Cllr Roger Blaney Leader Newark & Sherwood District Council.

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Presentation transcript:

Cllr Roger Blaney Leader Newark & Sherwood District Council

Facts About our District Newark & Sherwood: Largest district in Nottinghamshire Fastest growing population Best communications: - A1 - East Coast Mainline

Recent Investment Recent years : over £1billion investment - £363m : A46 dualling - £680m : Staythorpe Power Station

Where we are now Traditional industries declined -Coal mining - Engineering Today : Tourism ‘string of pearls’ Newark – Southwell – Sherwood Forest - NSDC: National Civil War Centre - NCC: Sherwood Forest Visitor Centre

Our Key Strategic Priority Prosperity: 2006: Government-designated Growth Point 2011: Adopted local plan - 14,800 new homes by Land south of Newark - 3,000+ homes - £25m A1-A46 link

Our commitment Growth Needs Investment: £210m Infrastructure Delivery Plan First local authority to adopt CIL - £40m by 2026 Business support ie: Clipper Logistics grant aid

Biggest Challenge Access to finance: Bank lending August 2012 ‘Funding for Lending’ What can a local authority do to help? Especially for SMEs Newark & Sherwood District Council:

Think BIG Business Investment for Growth: Identified a problem, came up with a solution Pragmatic approach to risk and business loans Clear processes; transparent governance

About Think BIG £2m loan fund created by Newark & Sherwood District Council Investment Fund - fills funding gaps, not to duplicate or compete To encourage business growth within the District & to create new jobs Part of the wider plan to stimulate economic growth in all business sectors

About Think BIG Not seed or early stage funding Aimed at existing businesses, with clear ambition and potential to grow, that the bank can’t help Support with investment readiness and signposting to other sources of funding

Think BIG Eligibility Businesses located in Newark and Sherwood District Growth businesses with a turnover in excess of £250k and a minimum of 5 employees Sectors - prefer manufacturing, engineering, food processing, distribution... some sectors will be excluded ie: retail Purpose: primarily for working capital Amount of loan: guideline range £25k - £150k

Think BIG Criteria Requirements: Two years most recent financials - Balance sheet - Profit & loss accounts Up-to-date management accounts Three year financial plan - Cash flow forecast Business case for funding

Think BIG Criteria Terms of loan: Term: 6 months to 3 years; monthly repayments Interest rate: circa 7% above bank base rate - Depends on security/risk profile Security : business assets; possible personal guarantee Initial arrangement fee: 1% - Also monitoring fee & associated legal or other costs

Think BIG Criteria Assessment: No involvement by Councillors or officers in decision–making Managed by a team of professional risk finance specialists on behalf of the Council Independent investment panel: - Chairman: ex-NatWest - Panel members: Tony Hillary & Simon Hadwick - Supported by a Business Analyst

Think BIG Process Map

Think BIG Progress to Date Current status: First loan taken up Two further loans offered Six prospects under consideration Concept scaleable

Questions & Answers Cllr Roger Blaney