Cabinet
4 July 2011
Agenda Item No______9_______
NORTH NORFOLK COASTAL CHANGE PATHFINDER; FURTHER BUSINESS SUPPORT
Summary:
A key element of the North Norfolk Coastal Pathfinder Programme
involved supporting and enabling local businesses adapt / respond to
the challenges of coastal erosion risk and blight.
The Pathfinder Business Advice Project and East Norfolk Marketing
Project have been well received and have guided the shape of the
potential further support options detailed in this report. This report
provides a background to the need for further support and outlines
options for consideration for inclusion in a comprehensive support
scheme. The delivery of a business support scheme, including
business grant and loans schemes, would be able to assist
businesses in areas affected by coastal erosion and coastal flooding
to develop further, with the objective of maintaining the local economy.
Conclusions:
The North Norfolk Coastal Pathfinder business advice and marketing
projects delivered during 2010 have been successful and have
highlighted the issues faced by businesses in the Coastal Pathfinder
area. The proposed further support options outlined in this report are
targeted at the issues faced by businesses which have engaged with
the Pathfinder Programme and therefore it is anticipated that the
measures will have a positive impact for local businesses and the
wider community.
It is recommended that the following initiatives are agreed and
implemented under the further business support offered through the
Pathfinder programme:
•
•
•
Development and implementation of coastal business
grants
Development and implementation of a revolving loans
scheme
Development and implementation of business circles and
a funding toolkit.
It is recommended that the Community Foundation is the preferable
body to administer the Pathfinder loans and grants scheme and
officers develop the schemes according to the details in this report. It
is also recommended that a panel be established for consideration
and assessment of loan and grant applications consisting of two
members of the North Norfolk Business Forum, two District
Councillors, one business representative and an officer from the
Economic Development Team.
Recommendations:
That Cabinet:
a) approve the development and delivery of a Pathfinder business
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4 July 2011
grant and loan scheme through the Norfolk Community
Foundation in accordance with this report.
b) nominate members to serve on the grants and loans
assessment panel operated by the Norfolk Community
Foundation in the administration of the North Norfolk Coastal
Pathfinder further business support programme.
Cabinet member(s):
All
Ward(s) affected: Poppyland, Gaunt, Mundesley,
Happisburgh, Waxham,
Contact Officer, telephone number,
and e-mail:
Robin Smith, 01263 516236, Robin.Smith@northnorfolk.gov.uk
1.
Summary
1.1. A key element of the North Norfolk Coastal Pathfinder Programme involved supporting
and enabling local businesses adapt / respond to the challenges of coastal erosion risk
and blight.
1.2
The Pathfinder Business Advice Project and East Norfolk Marketing Project have been
well received and have guided the shape of the potential further support options detailed
in this report. This report provides a background to the need for further support and
outlines options for consideration for inclusion in a comprehensive support scheme. The
delivery of a business support scheme, including business grant and loans schemes,
would be able to assist businesses in areas affected by coastal erosion and coastal
flooding to develop further, with the objective of maintaining the local economy.
2.
Introduction
2.1. The objective of the North Norfolk Coastal Pathfinder Programme was to trial innovative
initiatives which will assist local communities adapt to coastal change. The results and
lessons learned from this process will be reported back to central Government and it is
anticipated that this will guide the further development of emerging coastal policies at a
national level.
2.2. A key theme of the North Norfolk Pathfinder and one which was of great interest to the
programme’s funding body, Defra, centres on the coastal business community. The
Council’s original bid to Defra proposed two initial business objectives:•
•
Provision of business advice to help local businesses identify and respond to
issues associated with coastal change and
Development of a marketing and promotional strategy for the east of the district.
Details of these two projects in terms of volumes of activity and outcomes have previously
been reported to members. The information collected from local businesses through these
projects has also influenced the further programme of business support now proposed.
2.3
The Pathfinder bid also set out to assist businesses adapt to coastal change through
developing schemes to help secure the maintenance of properties at risk and help prevent
disinvestment; facilitate the rolling back / relocation of businesses and support the
business community in marketing the eastern coastal area of the district, the profile of
which was lower than the resorts of Cromer and Sheringham and the AONB to the west of
the district.
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2.4
This report summarises the East Norfolk marketing project and business advice project
and their outputs. It then draws together a comprehensive package of further business
support to be offered through the Pathfinder programme.
3.
Consideration of need for further support
3.1. East Norfolk Marketing Project
3.1.1. The East Norfolk marketing project is directed at the eastern coastal strip between
Overstrand and Horsey, and stretches inland to the edge of North Walsham and
includes Stalham. Although much of this area is not imminently threatened by loss
through coastal erosion or flooding, the blighting effect of coastal change, the isolated
nature of some communities and a historical focus of tourism promotion and
development towards the west of the north coast of the district has impacted on the
tourism offer of the area.
3.1.2. This project assessed previous tourism studies of the area, supplemented with further
audits and drew together the thoughts of local businesses and attractions – particularly
in respect of the branding and strategic positioning of the east of the district in terms of
tourism marketing. This base work was then used to develop a marketing action plan
and tourism development plan for the area. These action plans have also been
supplemented by the development of a marketing toolkit for use of coastal businesses.
3.1.3. Following the completion of the action plan, mechanisms to enable the
recommendations to be implemented are being actioned. A Service Level Agreement
with the North Norfolk Tourism Forum will ensure that many new marketing activities will
take place to champion the east of the district over the coming three years. This will also
enable some of the development activities to be implemented, specifically seed funding
to encourage improved tourism signage and visitor destination information.
3.1.4. Other recommendations from this project include the encouragement of co-operative
working and sharing of knowledge and experiences between isolated businesses and
the need for small scale marketing assistance to support the incorporation and further
development of electronic marketing approaches. These recommendations can be
delivered through the further business support options such as the business circles and
grants initiatives outlined further below.
3.2.
Business Advice Project
3.2.1. This project was launched in May 2010 and offered a programme of diagnostic and
professional assistance to coastal businesses. This assistance included an initial health
check of the business with the agreement of actions, the option to access £450 of
vouchers for professional advice to help implement the actions and the opportunity to
either develop a business plan or have themed advice in an area the client business
required.
3.2.2. Initially businesses within the erosion epochs were contacted and later this was widened
to those in parishes where erosion is an issue and areas which are at risk of coastal
flooding. The number of businesses enrolled into the scheme is now 90 and it is fully
subscribed. Through the delivery of this project there has been a diverse selection of
businesses involved and a wide variety of issues have been reported and assistance
requested.
3.2.3. The key issues and assistance requested through the business advice project reflects
and builds upon those of the marketing project and include:
a) access to finance from lenders
b) ability to self fund small scale investment
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4 July 2011
c) requests for marketing assistance
d) requests for professional assistance (e.g. planning guidance for
relocation/diversification)
e) requirement for skills development
f) need for business co-operation and networking.
The options of support detailed later in this report seek to meet these business needs.
3.3.
Other issues
3.3.1. The business advice project has also enabled some businesses to voice innovative
ideas which they believe will alleviate or address local community and business needs in
responding to coastal change. These ideas are far ranging and pose questions in their
own right.
3.3.2. In settlements where long term funding for coastal defence is uncertain (such as
Overstrand) there was interest in businesses making contributions to coastal defences.
This concept has been explored in the Pathfinder Wolferton Creek project in West
Norfolk. In the context of Overstrand, it is anticipated such a scheme would need to
extend further than one single parish as the costs required for future defence work would
far exceed those which could be contributed by businesses in the village. There would
also be other issues to consider, such as the long term life expectancy of the existing
sea wall, sea level rise, changing sediment deposition and other coastal factors.
3.3.3. Innovation is a key characteristic of enterprising businesses and should be encouraged
and promoted in the east of the district. This can unfortunately be stifled in some
industry sectors due to coastal erosion or flood risk planning policies. These policies
were adopted with good intention and following central government guidance, but in
some cases prevent business diversification and growth. Such planning policies have
little flexibility even when there could be options to provide mitigation against the risks or
if they are non permanent developments.
4.
Development of options
4.1.
Through the Business Advice and Marketing projects businesses within the Coastal
Pathfinder Area provided feedback on the issues they faced and their future needs. This
information is detailed above and was appraised in light of the Pathfinder objectives and
options for providing further business support were developed.
4.2.
Essentially the issues and assistance detailed in paragraph 3.2.3 can be grouped into
three main areas for support.
•
•
•
4.3.
Points a) and b) are issues with accessing finance and measures should be
considered to alleviate this issue.
Points c) to e) highlight areas where businesses need to target funds or be
incentivised to do so.
Point f) stands alone and requires a measure to strengthen the business
networking and co-operation.
A ‘business circles networking scheme’
alongside other Council support is already under development to meet this
need.
Initial feedback and options from the Business Advice Project for future support and
interventions were tabled at the Pathfinder project board in July 2010 from which a steer
was provided for further development. Following further business feedback the
proposed options were refined and discussed at the October project board and
approaches agreed in principle by the board in November 2010 and January 2011.
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4.4.
A report was prepared for the Cabinet meeting on 21 March 2011 proposing the
establishment and operation of a revolving loan fund and small business grant scheme
through the Pathfinder Programme, the principle of which was agreed subject to Full
Council support. Members did however express concern over lack of evidence to
support the proposals and requested that any future report include additional financial
and legal advice.
4.5.
An overriding legal issue that members should note arises from the Pathfinder source of
funding and the need to comply with the conditions attached to the Pathfinder scheme
itself. This concern was also expressed in a report prepared by the Council’s treasury
advisors and states the need for the Council to ensure that it has met the grant
conditions prior to applying grant monies.
5.
Access to finance
5.1.
Current business finance availability – April 2011
5.1.1. Businesses within the Coastal Pathfinder area reported that they often faced difficulties
in securing finance to support future investment and business growth proposals because
of the issue of risk or blight connected to their location within or near settlements at risk
of coastal erosion / flooding. Whilst a number of financial assistance schemes did
operate in the area, indeed across North Norfolk as a whole, many of these schemes
were not believed to be supporting investment locally.
5.1.2. Existing financial support programmes which supposedly operate within the Coastal
Pathfinder area include grants for specific improvements (e.g. carbon reduction
schemes), private finance, bank loans, bank loans supported by the Government’s
‘Enterprise Finance Guarantee’ scheme and as a last resort loans through Community
Development Finance Institutions (CDFIs).
5.1.3. Although these finance options are available for businesses to approach, it appears
through the feedback from businesses and from the experiences of the Economic
Development Team that these streams of funding are not always accessible to all
businesses or accessed. This can either be due to lending criteria, lending preferences
or due to the lending product not being attractive to the businesses.
5.1.4. For example, it appears:
•
•
•
•
5.2
That banks are less inclined to lend to businesses that may be at risk of erosion
within the next 50 years, thus preventing investment in the business.
That although CDFIs lend on the strength of a business case, they tend to lend
less often to tourism based businesses.
That CDFIs operating in the district are limited either in scope of the offer, only to
women and business start-ups, or by lending rates which may not be attractive to
businesses (12-19%).
That businesses are not aware of all the options or how to present themselves
effectively to maximize the likelihood of securing funding.
In considering the issues outlined above, four approaches can be considered for
improving the opportunities to businesses in the coastal areas of north Norfolk for
accessing finance. These options can be considered exclusively or as a combined
approach:
•
•
•
•
Business funding toolkit (under development)
Small Business Grants
Business Loans Fund
Development of business circles to encourage sharing of knowledge and
experiences (under development)
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6.
Business Funding Toolkit
6.1
The Economic Development Team currently provides information to individual
businesses enquiring for funding guidance. There is also a Grantfinder web facility
provided through links from the NNDC website and the North Norfolk Business Forum.
The North Norfolk Business Forum also host some information on CDFI lending.
6.2
There are benefits in further developing advice and guidance on sources of financial
support available to local business through the development of a toolkit for businesses
wishing to access funding. Such a toolkit need not be specific to coastal businesses but
would be of use to any business within the district. It would be comprehensive and be
easily available, thus saving the time of the Economic Development Team on many of
the queries they receive.
6.3
The toolkit will coach a business through the funding opportunities available and provide
some of the benefits, considerations and tips for each option. It is being developed
under an existing Pathfinder contract.
7.
Grants
7.1
Background
7.1.1
It is proposed that a Coastal Pathfinder business grants scheme is established to initially
assist businesses involved in the Pathfinder Business Advice initiative in delivering their
action and business plans. This would enable support to be provided in respect of
relocation, adaptation, growth, improved marketing and enhanced facilities
infrastructure, thus supporting continued investment and sustainability in vulnerable
coastal locations.
7.1.2
Grant schemes can be criticised for being short term and not requiring business
commitment, thus potentially providing little benefits to the business and local
community.
7.1.3
In the Pathfinder area it is suggested that grants should be considered as an appropriate
approach as they can go some way to ameliorate the effects of coastal blight, stimulate
increased investment in the east of the district which has not benefited in the past from
regeneration schemes and provide a basis upon which to build business confidence and
investment whilst complementing the activities of the Pathfinder Marketing projects.
7.1.4
The scheme as proposed below would also encourage business commitment as it will
require a 25% match funding investment from the business to access the funds and
targets the funds in many areas which would potentially benefit more than the business
alone e.g. improved visual appearance of business properties.
7.1.5
The proposed Pathfinder business grants scheme is a direct response to the successful
Pathfinder Business Advice Project and will provide assistance to those businesses
which have identified actions required to prepare their business for coastal change or to
assist in increasing the vibrancy of businesses and blighted coastal areas.
7.2
Management and co-ordination
7.2.1
It would be proposed that the business grants fund should be publicised and
administered on behalf of the Council by an external partner – such as the North Norfolk
Business Forum or Norfolk Community Foundation.
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7.2.2
Assessment of grant applications received could be undertaken by a Grants Assessment
Panel, involving an elected member and/or officer to represent the Council, further
consideration of which is given below
7.3
Eligibility criteria
7.3.1
It is proposed that the business grants scheme would initially be open to businesses
which have signed up to the Pathfinder Business Advice Project within the Pathfinder
area. Eligible businesses could also group themselves together (either formally or
informally) to submit a joint grant application, in which case the maximum grant amount
may be increased if necessary.
7.3.2
Should the grants not be taken up within the first six months of the scheme, other
businesses within the Pathfinder Business Advice Area will become eligible, but will still
require a robust business case to access funds.
7.3.3
Grants will not be awarded to businesses that are in arrears with their Non-Domestic
Rate payments. Businesses will also be asked to provide information to enable
assessment under EU State Aid rules.
7.3.4
Successful applications must:
•
•
•
•
•
7.4
Be able to demonstrate the need for the grant.
Provide at least 25% contribution to the total cost of the activity(ies) being
applied for grant funding
Show potential benefits to the community, from business ownership to job
opportunities
Represent good value for money
Not be in arrears with their Non-Domestic Rate payments or in
contravention of trading standards or any other statutory duty the Council
has responsibility for.
Grant Values
7.4.1
The grants will be available on first come first served basis. The grants will be awarded
on the basis of a 25% contribution by the applicant business. The minimum grant
available will be £1,000 while the maximum grant available will be £5,000. Therefore for
a project with a total cost of £2000, the grant will be awarded for £1500, with the
business contribution £500. In any case, the applicant business can top up the funding
above the minimum 25% contribution required.
7.5
Grant Funds
7.5.1
Listed below are some of the uses proposed for support through a Pathfinder grant
scheme.
7.5.2
Marketing grant
This grant fund would enable businesses to improve their marketing activities.
•
•
•
•
7.5.3
Design and set-up for a new website
Design and printing of new promotional literature etc
Participation in exhibitions including marketing collaterals and stand
paraphernalia
Marketing consultants (should be inclusive of marketing collaterals)
Professional advice grants
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The support would be available to businesses wishing to explore the options and
feasibility for relocation/adaptation as well as activities leading to further business
development and expansion.
•
•
•
•
•
•
7.5.4
Business development consultants
Planning consultants
Legal fees for setting up the relocated business, establishing copyright etc
Land agent fees for land investigations and negotiations
Accountants fees for setting up new internal procedures
Any other relevant and more in-depth professional advice services
Infrastructure/Improvement grants
These grants would be for capital investment schemes including
•
•
•
•
•
•
7.7.5
Adapting the business to coastal change such as property flood protection
measures
Construction of new facilities (e.g. en-suite toilet and bathroom for serviced
accommodation)
Enhancement of existing facilities (e.g. kitchen re-fitting, structural planting,
double glazing and landscaping)
Specialist equipment for a specific purpose
Sign writing (e.g. shop front signage, brown signs)
Contribution to the purchase of land for relocation
Skills Development grants
Grants would be available to businesses to develop skills of the business owner or staff.
This could be to assist with meeting with accreditation schemes, widen the business
offer, improve customer services or develop new skills. The fund will highlight specific
skills development schemes which will be supported (e.g. Welcome Host), but will still
allow other business related training following provision of a sound business case.
•
•
•
•
•
•
Welcome Host
Business specific skills, e.g. marketing, cash flow forecasting, personnel
management
Continuing professional development courses and seminars
Refresher courses
Training associated with new regulations – e.g. AXE gas fitters courses
ICT training
7.8
What cannot be funded
7.8.1
There are certain activities or expenditure which would not be eligible for funding by the
scheme:
•
•
•
•
•
•
•
•
•
Legal fees for litigation
Annual accountants fees for tax and audit purposes
Vehicles
Stock
Income taxes
Non-Domestic Rates
Travel and accommodation costs
Insurance fees
Utility bills
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•
•
Existing debts
Any aspect of sea defenses
7.8.2
Grants can not be applied for retrospectively for works already undertaken or services
received.
7.9
Value of Grant fund
7.9.1
The total proposed grant fund identified in the Pathfinder budget profile is £105,000, of
which £65,000 is revenue and £40,000 capital. A further £11,000 is budgeted for the
promotion and administration of the fund.
7.10
Strengths of grants option
7.10.1 The operation of a business grant scheme under the Pathfinder programme would meet
the issues and requests b), c), d) and e) as detailed in paragraph 3.2.3. It is likely to be
well subscribed as it has been a measure which has been requested by businesses and
is targeted to their needs.
7.11
Weaknesses of grants option
7.11.1 It might be difficult to monitor the final benefits generated from the grants to the business
and also to the community as a whole.
8.
Pathfinder Business Loan Scheme
8.1
Consideration has been given to the operation of a business loans scheme for
businesses in the Pathfinder area to support investment of a scale above that eligible
through the proposed Business Grants Scheme. The operation of a loan finance
scheme would seek to be a gap financing measure to be primarily used for development
and expansion of small businesses in the area which otherwise cannot access
borrowing.
8.2
Consideration has been given to the way in which a loan scheme might be operated and
delivered with a number of options being explored – including a revolving loan fund
managed on behalf of the authority through a Community Development Finance
Institution (CDFI) operated along commercial lines with interest charged on loans which
would then be re-invested in the scheme allowing the value of the loans pool to grow
over time; to a more modest scheme whereby interest free loans are provided to eligible
businesses through a local organisation such as the Norfolk Community Foundation.
8.3
The operation of a business loan scheme would provide a fund for which coastal
businesses could apply in order to support investment which allows their business to
adapt, improve or relocate in the light of coastal blight. Eligible uses for the loans could
include:
•
•
•
•
•
•
•
Acquisition of land and buildings for relocation or expansion
New construction
Facade and building enhancement
Landscape and property improvements
Machinery and equipment
Purchase of materials to complete a major new order
Developing new markets, products or services (if revenue funds are available)
8.4
Loan Characteristics
8.4.1
The lending terms would need to be agreed but it is suggested that the following terms
could apply:
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•
•
•
•
•
•
Loans will be between £5,000 and £35,000
Loan repayment periods between six months and five years
A poor credit history or no credit history at all would NOT automatically exclude a
client from borrowing
Lack of security is not necessarily a barrier to lending.
Capital repayment holidays may be agreed, where appropriate.
Loans will not be granted to businesses that are in arrears with their NonDomestic Rate payments
8.4.2
The period over which loans would be repaid would vary according to the use of funds. A
loan used for working capital, for instance, may range from one to three years, while
loans for equipment and real estate are up to five years.
8.5
Requirements for Loan Application
8.5.1
Before a loan is issued, a business would need to supply the following documentation,
these could have been prepared through the Pathfinder business advice initiative:
•
•
•
•
•
8.5.2
Loan Application Form
Business plan
Business experience and management information
Credit history and financial statements
Cash flow projections.
As a public investment instrument, loan funded projects would be expected to contribute
to local economic growth and community revitalisation. Borrowers therefore, must be
able to address performance measures at the end of the loan term such as:
•
•
•
Number and type of jobs created or retained
Private funding relative to public investment, and
Benefits to the community, from business ownership to job opportunities.
8.5.3
Business must not be in arrears with their Non-Domestic Rate payments or in
contravention of trading standards or any other statutory duty the Council has
responsibility for.
8.5.4
The loan facility would be longstanding and the benefits would reach beyond the
Pathfinder timescales. As the loans are repaid, further businesses would be able to
apply for support from the replenished fund. It may also be possible to contribute further
funds to the facility or attract other contributors.
8.6
Administration and Management of the Loan Fund
8.6.1
There are two potential approaches to administering and managing a loan fund, either
tendering the opportunity with a Community Development Finance Institute (CDFI) or
alternatively placing the fund with the Norfolk Community Foundation. Both options
have been considered in detail and it is recommended that formal discussions are held
with the Norfolk Community Foundation about their ability to operate the Pathfinder
loans scheme on behalf of the authority, based upon the fact that they are local to
Norfolk, already have a record of delivering a number of community grant schemes in
the district and are in discussions with a number of local partners about the development
and delivery of other business loan scheme proposals across Norfolk which could either
add value to or present an opportunity to extend / further develop the Pathfinder loan
scheme in the longer term.
8.7
Budget
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8.7.1
Within the agreed Pathfinder budget there is a £200,000 capital sum identified to support
the creation of a Business Loans Fund. A further £75,000 of revenue funding is
identified to meet the management costs of the fund.
8.7.2
Opportunities may exist to discuss the level of management fee the Norfolk Community
Foundation might wish to charge in the operation of the Business Loans Scheme, with
possible savings being realised if the Community Foundation were to be asked to
operate both the Pathfinder Loans and Grant Scheme on behalf of the Council.
8.8
Legal considerations
8.8.1
The Localism Bill proposes a general power of competence for local authorities to do
anything that individuals generally may do, subject to restrictions expressly imposed by
existing legislation. This is yet to be passed by parliament but once enacted should
allow local authorities to invest in this type of Foundation.
8.8.2
Subject to confirmation regarding the level of local authority control of the Community
Foundation, delivery of a loan fund by means of the Foundation may also lessen the
imperative for a full procurement procedure.
10.
Financial Implications
10.1
The total amount of money available to support the delivery of the further business
support project under the Coastal Pathfinder Programme is £504,000. Of this a total of
approximately £78,000 has already been spent or committed, leaving a working budget
of £426,000. All potential proposed initiatives within this budget are detailed in Table 1
below.
Table 1. Pathfinder business support budget allocations
Business Support
Access to funding toolkit
Grants co-ordination
Grant fund
Business Loan Fund – capital fund
Business Loan Fund administration over five years
Spent or committed
Total
Capital (£)
40,000
200,000
240,000
(£)
Revenue (£)
Part of existing
contract
11,000
65,000
75,000
78000
229,000
469,000
The remaining budget sum of £35,000 should be retained in the short term for the costs
in developing the schemes and as a contingency. Reallocation of the remaining funds
will take place following implementation.
11.
Risks to the Council
11.1
The implementation of the Pathfinder further business support programme as proposed
is considered to present limited risks to the Council. The possible use of a CDFI to
administer the business loans scheme was dismissed as presenting a greater risk to the
authority than the administration of a loans scheme by the Norfolk Community
Foundation which is based locally and with which the Council has established relations
and working arrangements.
11.2
There is a risk that the business grants and loans might not be taken up by businesses,
in which case the programme of support will be reviewed and revised. It is considered
that this risk is minimised due the support being targeted to the needs identified through
the earlier Pathfinder business advice project.
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12.
Sustainability
12.1
There are no sustainability issues arising from this report.
13.
Equality and Diversity
13.1
The Pathfinder Programme objectives were always intended to be targeted at coastal
areas and the business projects have been directed to the east of the district. This is
due to the trial nature of the programme and it has been publicised widely that the
programme would not be able to meet all the requirements of coastal communities. The
funding is geographically targeted and should not therefore be considered as an equality
issue. Previous regeneration schemes have been implemented to specific areas.
Should the business scheme continue to be successful, the Council may decide to seek
funding to roll out a wider scheme for the district.
14.
Crime and disorder
14.1
There are no crime or disorder issues.
15.
Conclusions
15.1
The North Norfolk Coastal Pathfinder business advice and marketing projects delivered
during 2010 have been successful and have highlighted the issues faced by businesses
in the Coastal Pathfinder area. The proposed further support options outlined in this
report are targeted at the issues faced by businesses which have engaged with the
Pathfinder Programme and therefore it is anticipated that the measures will have a
positive impact for local businesses and the wider community.
15.3.1 It is recommended that the following initiatives are agreed and implemented under the
further business support offered through the Pathfinder programme:
•
•
•
Development and implementation of coastal business grants
Development and implementation of a revolving loans scheme
Development and implementation of business circles and a funding toolkit.
15.3.2 It is recommended that the Community Foundation is the preferable body to administer
the Pathfinder loans and grants scheme and officers develop the schemes according to
the details in this report. It is also recommended that a panel be established for
consideration and assessment of loan and grant applications consisting of two members
of the North Norfolk Business Forum, two District Councillors, one business
representative and an officer from the Economic Development Team.
16.
Recommendations
That Cabinet:
c) approve the development and delivery of a Pathfinder business grant and loan scheme
through the Norfolk Community Foundation in accordance with this report.
d) nominate members to serve on the grants and loans assessment panel operated by the
Norfolk Community Foundation in the administration of the North Norfolk Coastal
Pathfinder further business support programme.