Second Joint Economic Commission for the North West
Monday 8 December 2008
The second meeting of the Joint Economic Commission for the North West (JEC) in early December saw the launch of a Transition Loan Fund of at least £10million for businesses in the region.
The support package is to help improve the finance options available to new and existing businesses in the North West, improving the lending available from commercial banks.
Funding is available to businesses with a viable business plan which demonstrate an ability to service the borrowing required, but which have been unable to obtain such funding from conventional commercial sources and in the absence of such funding is exposing the business to the risk of significant short term contraction or endangering its existence altogether.
Minister for the North West and Chair of the Commission, Beverley Hughes, said: “This is part of a package of measures we are putting in place in the North West to protect families and businesses. This support will be a lifeline to some of the small and medium-sized businesses whose future health is so important to the region’s economy.”
Key messages from the meeting were that members welcomed the good and positive responses to the Regional Minister’s letter to the public sector on prompt payment. Members will keep up the pressure on this and publicise progress.
The state of play on major capital investment schemes in the region was discussed with a number identified where work to unblock them may be undertaken and in particular those which the Regional Minister might raise with Government colleagues.
Regarding housing, it was noted that the Homes and Communities Agency will coordinate a site by site housing review and prioritise any action to unblock while the JEC will look at issues on rentals and mechanisms to stimulate new investment and it also commissioned further work on housing debt advice – getting simple messages out to individuals where they will see them, e.g. via schools.
Members noted the arrangements in place to tackle increased redundancies in the region and the action being taken to preserve and increase apprenticeships, notably in the Civil Service.
Members commissioned the North West Improvement and Efficiency Partnership to produce a guide to best practice by local authorities responding to the downturn, for dissemination in the New Year via a conference.
