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Two growing Medway firms are expanding their operations with interest-free loans worth a combined total of £250,000.
Transnordic and the Food Machinery Company are celebrating after being among the first companies to benefit from the TIGER - Thames Gateway Innovation, Growth and Enterprise – fund.
The £20 million scheme is a regional growth fund encouraging businesses in Dartford, Gravesham, Medway, Swale and Thurrock to invest in new products and services which in turn can create new jobs.
Transnordic, based in Vicarage Lane, Hoo, has successfully applied for a £35,000 loan to spend on new equipment that will boost productivity and cut costs. The company has been trading since 1970, specialising in the design, development and servicing of components and systems for the hydraulics industry.
Richard Sawyer, managing director, said: “We are extremely pleased to have succeeded with our TIGER loan application. This loan gives us the funds to invest in our business much more rapidly than would otherwise have been possible.”
The Food Machinery Company has been loaned £197,000 to build a new factory at Fenn Corner, St Mary Hoo. The 33-year old firm supplies machinery for the industrial food processing and packaging industry.
Cllr Jane Chitty, Medway council’s Portfolio Holder for Strategic Development and Economic Growth, said: “I am delighted that both these highly successful firms have taken up this funding opportunity, which has the potential to boost Medway’s ongoing economic regeneration.
“Both Transnordic and the Food Machinery Company have had a fantastic track record here in Medway. With the TIGER loan they will now be able take their businesses to the next level.
“Medway businesses has been quick off the block to recognise the benefits of the TIGER loan scheme with a further 12 Medway firms through to the final application stage so this, hopefully, will be just the start.
"Medway's business community leads the way in driving employment and economic growth in Medway. These two companies are a fine example and this initiative quite rightly gives them the support in expanding their business."
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