Decision details

(1)   To agree the principle of LDC providing a subordinated loan to Wave Community Bank.

(2)   Cabinet to agree the amount the Council would be willing to provide.

(3)   Cabinet to agree the term (period) of the loan.

(4)   To give delegated authority to the Section 151 Officer to enter discussions with Wave Community Bank to agree a set of outcome principles and performance targets to be achieved during the term of the loan, which to be presented at a subsequent meeting of this committee before any loan is agreed.

(Key decision):

(1) To agree the principle of Lewes District Council providing a subordinated loan to Wave Community Bank, subject to legal advice and full due diligence.

(2) To agree the amount of up to £100,000 as a potential loan as outlined in the report.

(3) To agree the term (period) of the potential loan.

(4) To give delegated authority to the Section 151 Officer, in consultation with the Cabinet member for finance, assets and community wealth building to enter discussions with Wave Community Bank to agree the terms of the loan and a set of outcome principles and performance targets to be achieved during the term of the loan, which to be presented at a subsequent meeting of Informal Cabinet before any loan is agreed.