(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.
Decision type: Key
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 02/04/2024
Decision due: 6 Jun 2024 by Lewes District Council Cabinet
Lead member: Councillor Zoe Nicholson, Leader of the Council and Leader of the Green Group Zoe.Nicholson@lewes.gov.uk
Lead director: Chief Finance Officer
Department: Finance and Performance
Contact: Steven Houchin, Deputy Chief Finance Officer Email: steven.houchin@lewes-eastbourne.gov.uk Tel: 01323 415378.
Consultation process
Policy and Performance Advisory Committee (if requested)
Making Representations: None