Agenda item

Andy Walker, Head of Business Growth, Lancashire County Council, Amin Vepari, Senior Project Officer, Lancashire County Council and Andy Leeming, Boost Programme Manager, Lancashire County Council, presented a report on the funding made available from the Government and the support provided by the county council to businesses in Lancashire during the COVID-19 pandemic. County Councillor Aidy Riggott, Cabinet Member for Economic Development was also in attendance to support the presentation and answer any questions from the committee.

The presentation covered the following topics in relation to the support and funding available to businesses during the COVID-19 pandemic:

• National Business Support Offer
• Local ERDF Grants
• Local Business Support Provision (Boost)
• Financial Support Offer
• Skills and Employment
• Early thoughts on the impact

A copy of the presentation is set out in the minutes.

In terms of the questions raised by the committee following the presentation, the following points were clarified:

• In terms of the take up of the European Regional Development Fund Covid 19 Grants (delivered on behalf of Boost) there was a consistent recognition of a lower awareness and take-up of the Boost scheme in general across Hyndburn than in other areas which might have explained the low take-up. However, the committee was informed that this point needed to be offset with the actions taken by Hyndburn Borough Council at the time Covid 19 grants were offered through Boost. It was reported Hyndburn Borough Council was very active and quick in offering its own grants for businesses in the area , which may have appealed to some businesses in the area if they were looking to access funding in response to Covid 19.
• In relation to the financial networks (Lancashire Business Angels Networks), it was noted that there were two financial hubs set up in Lancashire. One in Central Lancashire and one in the North of Lancashire. The reason for why there were only two hubs in Lancashire, was due to the financial advisors only travelling within a 1-hour radius of each hub to visit businesses. Having the hubs in these two locations, covered most of Lancashire. However, work was planned in 2022 to introduce another hub in East Lancashire.
• On bounce back loans, it was noted that procedures were in place to ensure grants were not granted to dubious entities. However, careful consideration was needed to ensure grants were given to those companies that truly needed them, while still ensuring the companies' credentials were valid.
• In terms of repaying Pay As You Grow  loans, it was noted that the Government had employed a team of people whose jobs it was to pursue any debts and to reclaim the money.

• It was noted that a Bite Size Briefing would be held for all county councillors, at the beginning of 2022 on the Financial Support Programme for Lancashire Businesses. The briefing would inform county councillors on what support was available to businesses and how councillors were able to find out more information, so they could inform the businesses in their division.
• It was clarified that the total number of loans offered through government backed funding mechanisms either through  the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS), were to individual organisations. There was no duplication.
• Access to Finance Lancashire organisation provided impartial advice and was not aligned with any specific fund. There were a number of cases where businesses had identified additional ways to access funding, release capital and make efficiency savings to demonstrate resilience rather than take on additional debts.
• On whether there was less take-up of the European Regional Development Fund Covid 19 Grants and less support available for rural businesses, it was noted that the scheme was being administered by the county councils' dedicated rural grants team, and  there was a strong presence of rural businesses accessing funding and support.
• On lessons learned from working with district council colleagues it was felt that integrating district councils' knowledge of businesses through business rates interactions combined with the county council's knowledge of businesses through the sectors they operated in could be explored. It was noted that there was a difficulty in recruiting the right level of skilled staff for the demand that was currently required by businesses.
• A number of areas were being explored in relation to any future County Deal with discussions taking place between the county council and the district councils across Lancashire, building on the goodwill and partnership working developed during the pandemic.

Members expressed thanks for all the support provided by the county council in providing advice and support for businesses throughout the pandemic. 

Resolved: That, the support provided to businesses in Lancashire during the COVID-19 pandemic, be noted.