Decision Maker: SCR - Business Growth Board
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Award of £50k grant to Company 38
subject to the conditions set out in the Appraisal Panel Summary
A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Made Smarter grant of £50,000 to a company which provides specialist service and maintenance teams with mechanical handling knowledge to support clients for the long-term stability of their systems.
The grant would allow the company to develop an all-in-one, remote software and hardware condition monitoring solution, cost-effectively managing and maintaining clients’ assets, and requires support to fast track commercialisation.
The project is estimated to create 5 FTE’s by 2020. This represents a gross cost per job of £10,000, considered acceptable value for money for the BIF Made Smarter investment.
Report author: Sue Sykes
Publication date: 06/11/2019
Date of decision: 23/10/2019
Decided at meeting: 23/10/2019 - SCR - Business Growth Board