Decision details

To seek approval of a loan application to the TIGER fund to the value of £2.499 million

The TIGER programme aims to provide financial support to businesses seeking to invest in projects that will create higher-value employment through the development of new products, services and processes.  TIGER seeks to respond to the gap in economic outcomes between the Thames Gateway and the South East’s other growth areas by providing targeted funding (mainly on an interest-free loan basis) to companies where this will secure additional private sector finance and support the sustainable job creation.  Should this application be successful it will have been deemed to meet the aims of the project. 

Geographically, the programme focuses on North Kent (Dartford, Gravesham, Medway and Swale) with the addition of Thurrock. This follows discussions with the South Essex local authorities, recognising the common issues faced by business across the Thames Gateway (as well as current challenges such as the significant job losses at the Coryton oil refinery).

TIGER helps to secure two of the main aims of the Council’s medium term strategy, Bold Steps for Kent by tackling disadvantage and helping the Kent economy to grow.

Financial Implications:
Although the decision involves the transfer of £2.49million, if the applicant is successful, there is no financial impact for Kent County Council as the TIGER Fund monies were allocated as the result of a successful bid to the Regional Growth Fund and ring-fenced for the TIGER project only.

Legal Implications:
The loan will require a contractual relationship between KCC and the successful applicant.  Legal Services will be asked to draft the contract should the bid be successful.

Equality Implications: The business application must comply with the Equality Act 2010. The company must have a policy in place to comply with the employers’ statutory obligations and accordingly must not commit any form of harassment or victimisation against any person on the grounds of marriage and civil partnership, race, colour, religion or belief, sex, gender reassignment sexual orientation, age or disability, pregnancy and maternity or political difference

The Cabinet Member for Economic Development has agreed to implement the recommendation of the North Kent Approval Panel and grant a loan to the Company set out in the exempt report, subject to the conditions also contained therein, of £2.499million from the TIGER Fund.