To extend the Herefordshire County Business Improvement District (BID) advance loan by £70,000 to total £280,000 to provide critical cash flow support until levy demand notices can be issued to relevant businesses and income received, and to revise the repayment period for the original loan.

That:

a)    To approve an extension of an interest free loan by £70,000 to a total of £280,000 to the Herefordshire County BID Limited and to extend the repayment term of the existing loan, with all funds to be repaid by the end of the current BID term in December 2026; and,

b)    To delegate to the Service Director for Economy in consultation with the Section 151 Officer all operational decisions in relation to the payment and recovery of the loan.

1.             The council could choose not to extend the loan to the Herefordshire County BID Limited.  This is not recommended as it would lead to cessation of all operations, and the loss of related staffing.  The County Plan states ‘We will…Protect and promote our heritage, culture and natural beauty to enhance quality of life and support tourism’. The County BID will also support visitor economy businesses and independent retailers, the sectors worst affected by Covid 19 and the related lockdown periods.  The recently published Herefordshire Economic Plan identifies visitor economy as a key growth sector in its own right, and recognises the importance of promoting tourism in raising awareness of the county as a great place to study, work and invest.