All PERF applications were appraised against three fundamental elements of the Fund – Vitalness was assessed, leading to financial due diligence, where Vulnerability and Viability were assessed.
Vitalness* - assessment of how pivotal the business is to the post Covid 19 recovery of its local authority area;
Vulnerability - assessment of the financial impacts on the business of Covid 19 (clear cash flow gap); and
Viability - assessment of the likelihood of the business trading out of its Covid 19 position as a result of a PERF award, as part of other financial restricting activities. *Vitalness Assessment – each applicant was scored against four criteria to ensure impartiality and fairness, creating a final Vitalness Index for each applicant:
1. Economic – Turnover as a percentage of the average turnover for their Local Authority area
2. Wealth – Average salary as a percentage of the average salary in their Local Authority area
3. Leverage – Percentage of their supply chain in Scotland
4. Company Vitalness Assessment - used the narrative provided by the applicant on “why they believe they are pivotal to their community”
The assessment and decision making stages of the appraisal process were undertaken by experienced economic development professionals with a strong business background; and the necessary delegated authority to make these decisions. Our assessment process was reviewed by the Scottish Government and Scottish Enterprise Auditors; and was approved by Scottish Government Ministers prior to the Fund going live. Since the Fund was completed, Scottish Government’s Audit Team undertook a review of our process for fairness, accuracy and consistency of decision making. The audit report highlighted that the appraisal process had “distilled complexity down to a robust process with really good, clear, transparent decisions”.
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