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1. That Cabinet note the progress of Hampshire Community Bank (HCB) towards Bank Authorisation contained within this report.
2. That Cabinet approves a £10m lending facility between Portsmouth City Council (PCC) and Hampshire Community Bank (HCB) 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
3. That the £10m lending facility is subject to:
i) A first tranche of £5m to be provided subject to satisfactory legal documentation being put in place that meets the requirements of the Council's approved Treasury Management Policy 2020/21.
ii) A second tranche of up to £5m to be provided after a 6 month period and subject to the Deputy Director of Finance (Deputy Section 151 Officer) being satisfied that the performance of the HCB Loan Book is strong and within the delinquency limits set out in the authorised HCB Regulatory Business Plan.
4. That delegated authority be given to the City Solicitor and Deputy Director of Finance (Deputy Section 151 Officer) to conclude all the necessary legal documentation for the lending facility.
5. That Portsmouth City Council requests that the HCB submits a progress report every six months to the Governance & Audit & Standards Committee.