Agenda item

To receive a report by the Cabinet Member Economic Development and the Director of Economic Development that details the progress to date in delivering the three RGF schemes; Expansion East Kent, Tiger (North Kent and Thurrock) and Escalate (West Kent and East Sussex).

(Report by Mr M Dance, Cabinet Member for Economic Development)

(Ms J Ward, Regional Growth Fund Programme Manager)

1.            The Cabinet Member for Economic Development, Mr Dance, introduced the report that detailed the progress of the three RGF schemes; Expansion East Kent, TIGER and Escalate.  He advised that as the schemes came on board they were supported by the same officer Team who have built up knowledge and were able to replicate processes that had worked well.  There were clear decisions made on clear presentations with good business plans, however there was a great deal of follow up when there was uncertainty on particular projects presented which created a lot of work for the officer Team.  Mr Dance thanked the officers for the way they handled the businesses as there had been no reported complaints from applicants even by those that are refused.

2.            The Regional Growth Fund Programme Manager, Ms Ward then gave a detailed overview of the report.  Ms Ward highlighted that Expansion East Kent was being opened up to Ashford District today, 8 July and there was to be a Business to Business event held in Ashford International.  Strategically KCC was now able to say that Regional Growth Funds were available to all Kent Districts.  Ms Ward also highlighted that a Small Business Boost Fund was to be launched on 23 July 2014 and Members of this Cabinet Committee would be invited. 

3.            Ms Ward responded to comments and questions by Members which included the following:

a)    In response to a question, Ms Ward advised that Escalate’s profile was for high growth companies but no companies were excluded in coming forward for Escalate. There were currently 9 companies that had come forward for Escalate.  A high number of jobs were being created directly and indirectly as a result of Escalate. Escalate was meeting the aims and objectives that it was set up for. With regards the recycling of money for start-ups, Mrs Ward explained that Expansion East Kent had been running for longer and already there were returns coming through on investments.  For both TIGER and Escalate the target of repayment was over a 5 year period and this would be realised in various tranches.

b)    Ms Ward agreed to report back to Mr Clarke regarding his question on Hybrid UKT regarding funding. [This was a company visited by Members of the Cabinet Committee on 20 June 2014].

c)   Ms Ward advised that when a company applied for funding they were required to produce a profile of the business detailing their expenditure and show their ability to match fund.  The company was also required to give details of how it would safeguard the current jobs, all of this information formed part of the legal contract.  Any variations to the contract had to agree with KCC. 

4.            RESOLVED that:-

a)     the responses to comments and questions by Members be noted;

b)     Mr Clark receives a reply to his question outside the meeting; and

c)      the progress to date in delivering the three Regional Growth Fund Schemes; Expansion East Kent, TIGER and Escalate be noted.