Decision details

Croydon Community Equipment Service – provision of loan

Decision Maker: Executive Mayor

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

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.

 

Decision:

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.

 

 

Reasons for the decision:

As per the Part A report.

Alternative options considered:

As per the Part A report.

Publication date: 25/09/2024

Date of decision: 24/09/2024

Effective from: 03/10/2024

Accompanying Documents: