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V25-1163 : BUSINESS PROPERTY IMPROVEMENTS GRANT SCHEME

The Sub-Committee considered the report of the Chief Executive which provided an update on the development of a business grants scheme to renovate unused commercial property in the Lowestoft area. Similar Property Improvement Grant Schemes existed elsewhere in the region, and it was possible that Lowestoft was disadvantaged by not having such a scheme, particularly as there were a number of companies looking for this type of aid.

The scheme had received backing through the Lowestoft Partnership and in turn by Suffolk County Council. Following this Council's support a bid would be submitted for European Funding from the PESCA programme.

RESOLVED

1. That a contribution of £15,000 per annum for three years be made towards the cost of introducing a Business Property Improvements Grant Scheme for the Lowestoft area, to be met from the Objective 5b Matching Fund.

* Commitment of Forward Budget

2. That the Council together with Suffolk County Council jointly submit a bid for matching funding for the Scheme under the PESCA programme.

3. That Suffolk County Council be thanked for their support for the Scheme.

Volume 25 Minute 1163

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