3c ESTABLISH MONMOUTHSHIRE MED TECH (MMT) PDF 211 KB
Division/Wards Affected: All
Purpose: To commit to growing the medical technology sector in Monmouthshire and to demonstrate this commitment through the establishment of Monmouthshire Med Tech (MMT).
Author: Frances O’Brien – Chief Officer for Enterprise
Contact Details: francesOBrien@monmouthshire.gov.uk
Decision:
That Cabinet approves funding from reserves to take forward a pilot arrangement to include:
· £50k to establish the MMT support office;
· a capability for the Investment Committee to authorise secured interest bearing loans of up to £25k to pre-revenue stage target companies who locate to MMT;
· a capability for the Investment Committee to make investments in target companies that come through MMT where appropriate; and,
· a £50k one off fee to the Council’s MMT partner.