Background:
Kent County Council (KCC) administers the grant of loans to companies under the terms of the Regional Growth Fund (RGF) and receives the repayments of those loans. Under the “Tiger” RGF programme companies in Thurrock were eligible to receive loans. KCC is now seeking to transfer recovered loan repayments obtained from Thurrock companies.
These recovered loan repayments collected by KCC and sourced from Thurrock businesses will then be transferred to Thurrock Council which will then oversee the use of these funds to support local small and medium sized enterprises in their local authority area.
Decision type: Key
Reason Key: Affects more than two Electoral Divisions;
Decision status: Recommendations Approved
Division affected: (All Division);
Notice of proposed decision first published: 29/04/2019
Decision due: Not before 28th May 2019 by Cabinet Member for Economic Development
Reason: In order that the proposed decison can be published for a minimum of 28 days, in accordance with statutory requirements
Lead member: Cabinet Member for Economic Development
Lead director: David Smith
Department: Growth, Environment & Transport
Contact: Martyn Riley, Economic Development Officer (Expansion East Kent Programme) 03000 417161.
Consultees
The proposed decision was considered and endorsed at the Growth, Economic Development and Communities Cabinet Committee on 9 May 2019.
Financial implications: Subject to agreement by BEIS, the County Council would transfer the value of loan repayments from Thurrock based recipients to Thurrock Council. Responsibility for monitoring repayments and reporting to BEIS would remain with the County Council: this would incur minor staff costs.
Legal implications: A legal agreement will need to be drawn up between the County Council and Thurrock Council to effect the transfer of funds. The County Council would retain responsibility to BEIS for monitoring repayments from Thurrock based businesses.
Equalities implications: There are no equalities implications arising from the proposal to transfer funds to Thurrock Council.