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
Decision type: Key
Decision status: Recommendations Approved
Notice of proposed decision first published: 31/03/2014
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
Appendicies to the report are exempt from publication owing to the inclusion of sensitive financial information. County Councillors can access the documents via the councils intranet.
Department: Growth, Environment & Transport
Contact: Jacqui Ward, Regional Growth Fund Programme Manager 7000 - 3252 Email: Jacqui.Ward@kent.gov.uk.
Consultees
The Cabinet Member decision to accept funding under the terms and conditions set out by the Regional Growth Fund and the consequent creation of the TIGER Fund were discussed by the Economic Development Cabinet Committee in November 2012, in January 2013 the Cabinet Committee received a verbal update on the development of governance arrangements for the scheme and in March 2013 received a further update regarding the formal launch of the scheme. It will not be further considered but to receive information relating to the decision having been taken at the July meeting of the Committee.
The application will have been considered by the advisory panel, of which the Cabinet Member is Chairman and the recommendations and minutes will be considered by him again before the decision is taken
All members will receive a copy of the proposed
decision before it is due to be taken and asked for comments to
which the Cabinet Member will have regard on taking the
decision.
Financial implications: Jacqui Ward Expansion East Kent Programme Manager 7000 - 3252 Jacqui.Ward@kent.gov.uk
Legal implications: 14/00052
Equalities implications: Financial criteria exceeded