Agenda item

(a)  That it be agreed to underwrite £703,358 of expected income from SMEs using the planned new Slough Innovation Space between 2021 – 2023.

(b)  That it noted that by underwriting this amount, the Council would unlock funding of £2.35m from ERDF and other partners (subject to a successful application).

(c)  That it be noted that this project was a key initiative to help recovery and renewal for Slough SMEs and its economy by creating 181 well paid jobs and 54 fast growing tech SMEs between 2021 and 2023.

The Lead Member for Inclusive Growth & Skills and the Service Lead Economic Development introduced a report on a European Regional Development Fund (ERDF) application for the Slough Innovation Space project.

An application for a £1.65m grant was being submitted for the project which would provide a high quality innovation facility to help create high growth, research and development focused technology start-ups in Slough.  Slough Innovation Space would occupy the 5^th Floor of Observatory House initially, and for the duration of the ERDF funding, with the long term home intended to be on the North West Quadrant site.  If successful, it was anticipated that 181 high paid jobs and 54 businesses would be created with £8.3m of new economic activity being generated.

Cabinet approval was sought to underwrite £703k of the anticipated income from businesses using the space.  It was noted that Thames Valley Berkshire LEP and Heathrow Airport had already agreed match funding contributions of £500k and £200k respectively.

The Cabinet welcomed the project and commented that support to innovative and high growth businesses would be even more important as part of the recovery from the Covid-19 pandemic.  Lead Members agreed to underwrite the sum requested.

Resolved –

(a)  That it be agreed to underwrite £703,358 of expected income from SMEs using the planned new Slough Innovation Space between 2021 – 2023.

(b)  That it noted that by underwriting this amount, the Council would unlock funding of £2.35m from ERDF and other partners (subject to a successful application).

(c)  That it be noted that this project was a key initiative to help recovery and renewal for Slough SMEs and its economy by creating 181 well paid jobs and 54 fast growing tech SMEs between 2021 and 2023.