Decision details

The additional loan facility to Romaco Limited is in line with the strategic objectives of the business investment strategy and the Local Industrial Strategy and support the key objectives of supporting our globally competitive strengths and strengthening the foundations of our economy. Romaco Limited provides debt funding to SME developers, predominantly across the North.

The Combined Authority gave approval on 22nd March 2024 to give delegated authority for the period 23rd March 2024 to 30th May 2024 to the Combined Authority Chief Executive and the Combined Authority Treasurer, in consultation with the Portfolio Lead Leader for Investment and Resources, to approve funding requests for projects in the absence of a Combined Authority meeting at the end of April 2024, and approve any urgent variations on amounts and terms for already approved loans.

a) approve a further £2,000,000 loan facility to Romaco Limited;

b) note that the Combined Authority Treasurer and Combined Authority Monitoring Officer will review the due diligence information in respect of the above investment, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the investment, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the loan noted above.