Decision details

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.

As Cabinet Member for Economic Development I agree:

(a) that administration of and funding-decision authority for the monies previously recovered from companies based in Thurrock and handled via the Tiger Scheme, be transferred to Thurrock Council for management via their own new business loan scheme; and

(b)  that authority be delegated to the Director of Economic Development to take appropriate actions, including but not limited to, entering into legal agreements as necessary to implement this decision.