Council’s £10m business boost

Newark and Sherwood District Council is planning a £10m investment in the area’s economy over the next three years.

Councillors at the Policy Overview and Scrutiny Committee have agreed that the council should begin consultation with key partners in the business and wider community about the proposals.

The plans involve winning new investment in the district and setting up a loan fund to help local businesses grow.

Speaking after the Policy meeting, Counc Roger Blaney, Deputy Leader of the Council and cabinet member for sustainable development and regeneration, said: “Credit flow for businesses that have the potential to expand is a critical issue.

“We want to set up a £2m loan fund so we can help ease the credit crisis for businesses in the area.”

The council’s plans are a result of new priorities being established by councillors for the next four years.

They see prosperity as the most important issue for the area and want to ensure that economic growth is supported.

The plans include an investment of around £5m to help ensure that the right infrastructure is available to help growth in the area.

This could include a major upgrade to broadband speeds in rural parts of the district. Councillors also agreed that around £250,000 could go towards helping this to happen.

Other priorities include helping long-term unemployed and young unemployed people through recruitment processes, as well as new apprenticeship opportunities in the council.

The council is already reviewing its support for tourism and will look at supporting other growing employment sectors.

Policy committee chairman, Coun Stan Crawford, added: “It’s absolutely the right thing to do. We need to ensure that we encourage private sector investment and job creation.”