At a special meeting of Cabinet on 15 September 2020, Portsmouth City Council approved a new £10m lending facility for Hampshire Community Bank to enable Small and Medium Size Enterprises (SMEs) with the highest credit quality that operate within the greater Portsmouth and Hampshire area to access loans to support and grow their business.
The first tranche of £5m will be provided subject to satisfactory legal documentation that meets the requirements of the Council’s approved Treasury Management Policy, with the second tranche of up to £5m to be provided after six months subject to the performance of the Hampshire Community Bank Loan Book.
The loan facility has been approved in the context of the Council’s desire for a vehicle to stimulate the economy and support the recovery from Covid-19.
The loan facility will also protect the Council’s existing investment of £5m in the Hampshire Community Bank, and marks another significant milestone in the progress of the Bank towards Authorisation.