Agenda item

a.  Northern Powerhouse Investment Fund

b.  Boost 2013-2015 Outturn Figures

c.  Boost 2016-2018 Progress

Andy Walker then presented the report circulated with the agenda on the Oversight of Key Business Support Initiatives. 

The report provides information on the Boost Business Lancashire Programme detailing the final outturn results and external evaluation and the North West Business Fund.

Boost

The majority of the targets were exceeded with exception of jobs safeguarded which had an achievement of 294.3 jobs safeguarded against the target of 461 although it was highlighted that impact of work with some businesses is not yet known.

One area of concern was the lower number of pre-start individuals who progressed to start a new business.

The Board resolved:

1.  That there is a need to use this evidence to plan funding for the next few years

2.  Andy Walker to add cost of intervention to give context to figures (table 2)

3.  Andy Walker to look at geographical elements to identify any gaps

From the information discussed in this item, the Board felt that the survey discussed under Item 5 could include the 3000 businesses that engaged with Boost and agreed a cross section would be more beneficial.  In addition, the survey could include those involved in pre-start who did not continue forward with their business to help identify any barriers.

Boost Moving Forward

A conditional offer has been received for ERDF support to continue the Growth Hub provision until end 2018. Currently in the process of commissioning Gateway, Start up and Mentoring providers. 

The Board resolved:

1.  Andy to look at the various interventions and data to interrogate further to identify gaps

2.  That there is a need to market the Gateway as the starting point for businesses through the process

North West Fund

Andy then provided an update to the Board on the North West Fund which is now almost fully invested except for a small pot of funding left for Merseyside.  The Fund comprised of seven specific funds managed by an experienced Fund Manager.

North West Fund Moving Forward

Andy reported that to keep the Fund as it was would involve a substantial procurement process.  As an alternative, a proposal was presented from the British Business Bank to establish a Northern Powerhouse Investment Fund covering 10 of the 11 northern LEPs (one LEP not joining is the North East LEP).

The report recommends that.  In addition the Board noted the, agreed commitment to actively oversee the development of these projects and will seek update from the Lancashire Business Grant Programme.

The Board resolved:

1.  That the Board seeks representation on the interim Strategic Oversight Board to ensure the funding is used well in Lancashire

2.  That the progress of the Boost and NW Fund be noted

3.  That the Board commits to actively oversee the development of these projects and will seek update from the Lancashire Business Grant Programme

4.  That there is a need to identify emerging gaps and requirements

5.  Clarification is required on what private sector funding is admissible

6.  Confirmation on the calls for funding in April

7.  Andy to draft an outline of a plan for the next meeting of the Board