21/03/13

Firms poised to pounce on £20million interest free TIGER funding

by business editor Trevor Sturgess

Businesses could soon be getting their claws on £20million of interest-free TIGER funding to help them create jobs and growth.

The day after the Chancellor announced several measures to kick-start enterprises - including a £2,000 National Insurance exemption and a 1% cut in Corporation Tax to 20% - business leaders were told about a new source of funding in north Kent, Medway and Thurrock.

TIGER – Thames Gateway Innovation, Growth and Enterprise – was launched by Kent County Council in Princes Park, Dartford today. 

A similar event for Medway firms was being held in Medway Innovation Centre later in the day.

The finance is coming from the government's Regional Growth Fund.

TIGER will offer interest-free loans to businesses investing in new products and services, and creating jobs. It aims to lever in further investment from the private sector.

The initial targets are media, ICT, manufacturing, technology development, environmental and low carbon businesses.

The new scheme is run by Thames Gateway Kent Partnership (TGKP) with council partners Gravesham, Swale, Dartford, Thurrock, Medway and Kent County Council, as well as backing from local businesses.

KCC leader Paul Carter (pictured right) said: "Investing in businesses in north Kent will mean jobs, it will bring growth and it will deliver real opportunities in an area that will benefit enormously."

Rob Bennett, TGKP chairman, said: "Successfully unlocking £20m of government funding for TIGER to support the growth of local businesses, shows the power of the local authorities and private sector working in partnership. TIGER is another important step towards unlocking the potential of the Thames Gateway by creating new high-value jobs and growth in our key industry sectors."

Mark Dance, KCC cabinet member for regeneration and economic development, said the funding would transform businesses and "kick-start the economy".

Meanwhile, £35m of RGF funding is being invested in the Expansion East Kent scheme, and £5m for rail improvements between Ashford and Ramsgate.