Decision details

The Committee considered a report which sought approval of changes to operations of Business Loans Scotland Ltd which had not been identified the previous year when the Committee agreed to join the new fund.

Decision

The Committee –

1.    Endorsed the proposal to join BLS without BLS conducting consumer lending.

2.    Endorsed the proposal to transfer the minimum Council contribution (£90k) from WSLF to BLS.

3.    Endorsed the proposal to transfer £10k from WSLF to BLS to cover BLS management charges for the first three years (estimated at 3% per year).

4.    Endorsed the proposal to seek to transfer any WSLF surplus to the Council’s Economic Development Service, or other appropriate body able to provide loans, for the purposes of promoting commerce by giving financial assistance by way of loans, donations or subscriptions, noting that this may require the unanimous approval of all WSLF Member Authorities.

5.       Agreed to recommend to Council appointment of an elected member to represent Argyll & Bute’s interests on the Board of Business Loans Scotland.

(Reference:  Report by Executive Director – Development and Infrastructure Services dated March 2016, submitted)