REPORT OF THE DEPUTY LEADER AND CABINET MEMBER FOR CORPORATE SERVICES
June 13, 2023 Cabinet (Cabinet collective) Key decision Approved View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
Northumberland Cabinet approved a £50,000 loan facility to Northumberland Community Bank on 13/06/2023. This approval is subject to agreed terms and conditions, a legal agreement, and satisfaction of subsidy control implications.
Full council record
Decision
Loan to Northumberland Community Bank
RESOLVED that Cabinet approve a loan facility of £50,000 to Northumberland Community Bank subject to the following:
· NCB agreeing to the proposed terms and conditions;
· NCC’s Legal Team completing a legal agreement with NCB in advance of any loan drawdown by NCB, containing the terms and conditions set out within this report; and
· Subsidy Control implications being investigated and satisfied.
Supporting Documents
Details
| Outcome | Recommendations Approved |
| Decision date | 13 Jun 2023 |
| Effective from | 15 Jun 2023 |
| Subject to call-in | Yes |