(1) The setting up of the proposed WMCO, a Co-Invest Equity Fund designed to facilitate investment into Growth SMEs to aid the recovery of the West Midlands economy was approved, noting that a Full Business Case would follow before the fund was launched.
(2) The initial grant funding request of £12.5m from the WMCA Investment
Programme as set out in the Outline Business Case was approved, subject to the approval of a Full Business Case detailing the form of Delivery Vehicle, noting that this represented 50% of the funding required to deliver this proposal.
(3) It was noted that the onward development of the proposal, Full Business Case, delivery options and financial modelling would be taken forward through detailed scrutiny and consultation of the West Midlands Finance Directors group.
(4) It was noted that WMCA had approached the British Business Bank to pursue the potential to secure match funding of £12.5m from Central Government sources and, if available, the British Business Bank was likely to require a match funding contribution from WMCA as requested in the Outline Business Case, and that the next stage Full Business Case would include details of the full funding structure.