Council looks set to support Stourport Sports Club with temporary loan
News release issued:
A local sports club could benefit from a temporary Council loan to help support improvement works and future growth plans.
At their meetings next week, members of Wyre Forest District Council’s Overview and Scrutiny Committee and Cabinet will be considering a proposal to provide a short-term loan of £50,000 to Stourport Sports Club through the Council's Capital Projects Fund.
The proposal supports regeneration and economic development, one of the Council’s key priorities.
The proposed loan would be made through the Council's Capital Projects Fund. The fund was created to support projects that benefit the district, including regeneration, housing, environmental improvements and community facilities. Any loans made through the fund must demonstrate a clear public benefit and go through a robust approval process.
The loan would be for a maximum period of two years and would be subject to detailed legal and financial checks before any funding is released. The Council would also put security arrangements in place to protect public money.
Councillor Tracey Onslow, Wyre Forest District Council’s Cabinet Member for Culture, Leisure, Arts and Community Safety said:
"This proposal shows how we can use council resources responsibly to support projects that make a real difference to our communities."
"Stourport Sports Club is an important local asset, providing opportunities for people of all ages to take part in sport and physical activity such as walking. It also offers community facilities, like a hireable function room. The Council has been one of the members of the company since it was created more than 30 years ago. By considering this temporary loan, we are helping the club bring forward improvements that will benefit local residents while supporting our wider goals for regeneration and economic growth."
"Any loan agreement would be subject to thorough financial and legal checks to ensure it represents good value and safeguards taxpayers' money."
The Overview and Scrutiny sub-committee meets at 4pm and the Cabinet at 6pm on Wednesday 12 August. Residents are welcome to attend the meetings at Wyre Forest House. Due to the confidential nature of some of the details, part of the proceedings may be held in private. The public would not be able to be present in these parts.