Decision details

1.                That the funding application for SharpFutures Manchester C.I.C. (loan facility of £250,000) be approved, and progressed to due diligence.

2.                That authority be delegated to the GMCA Treasurer and GMCA Monitoring Officer to review the due diligence information in respect of the company, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transactions, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investment at 1. Above.

3.                That authority be delegated to the Chief Executive Officer, GMCA & TfGM and the GMCA Treasurer, in consultation with the Portfolio Leader for Investment and Resources, to approve funding requests for projects for the period 15 February 2020 to 26 March 2020, in the absence of a GMCA meeting at the end of February and approve any urgent variations on amounts and terms for already approved loans.

4.                That it be noted that any recommendations approved under the delegation would be subject to the usual due diligence processes and will be reported to the GMCA Authority at the next available meeting.

5.                Thatthe update on James Briggs Limited be noted.