Purpose

A contract was
awarded to Provide CIC on 18 July 2024, (Key decision reference:
0324ASCH) to deliver community equipment and partnering services
through a Mutual.
 
Decision 2.5
of that report included the
following to: 

·      
“note the establishment of the Mutual and that, as part of
the transaction, (and subject to further internal governance
approvals being obtained as applicable) … a loan facility of
£1.9m will be granted.”
 
This report will
seek the approval required to enable the Council to grant the
loan.
 

Content

For the reasons set out in the
report the Executive Mayor RESOLVED:
 
2.1 To agree the grant of a loan for £1.9m for a
period of up to five years to Provide Equipment Hub Limited (PEHL)
from 1st November 2024.