The purpose of the project is to establish a Herefordshire Business Recovery and Investment Fund to help local businesses support the Council’s strategic County Plan ambitions, particularly in light of the economic impacts arising from the COVID 19 pandemic.  Following approval by Cabinet on 29 July 2021 of the principles and objectives of investment for a Herefordshire Recovery and Investment fund, 31Ten were appointed after a procurement exercise, to provide external expert assistance to develop the Loan Fund from initial concept stage through creation of a business case to seek internal funding for delivery that provides options, if necessary, to access other funding sources.

Cabinet will be presented with a detailed Business Case laying out the strategic and economic rationale for next steps in creating the Loan Fund along with the financial, commercial and management case seeking approval to develop a robust Investment Strategy and Operational Plan.