TIGER – Thames Gateway Innovation Growth and Enterprise

Posted on Tuesday 5th March, 2013 by

Medway Council Scheme Summary – TIGER is financed by central government Regional Growth Fund (RGF) and gives access to a £20 million fund in Dartford, Gravesham, Medway, Swale and Thurrock. It will offer the opportunity for interest free loans to businesses in North Kent seeking to invest in new products, processes or markets, or planning to expand their operation locally. The underlying emphasis is on the loans creating more sustainable private sector employment.   

TIGER Interest Free Loan Fund – 2 Events that highlight the major benefits that this initiative can bring to local businesses  

TIGER North Kent Launch Event, Princes Park, Dartford, DA1 1RT

07.30hrs, Thursday 21 March 2013 This event will be hosted by Thames Gateway Kent Partnership. To register, please contact eventsoffice@kent.gov.uk  

TIGER Medway Launch Event, Innovation Centre Medway, Chatham, ME5 9SD

16.00hrs, Thursday 21st March 2013 This event will be hosted by The Leader of Medway Council, Cllr. Rodney Chambers OBE alongside Robin Cooper, Director of Regeneration.

To register, please contact business.support@medway.gov.uk or call Wayne Saunders on 01634 338138

Scheme objectives

  • Assist growing companies unlock access to private sector debt & equity finance.
  • Concentrate assistance on those parts of the economy with the greatest potential to contribute to a sustained increase in value, balancing short-term job creation with long-term sustainability.
  • Form part of a wider package to support the Thames Gateway’s business environment, strengthening job creation in the private sector and contributing to a credible and stable framework for local growth.  

Use of Funds

  • Loans are primarily focused on enabling businesses to overcome credit barriers that prevent them from expanding production and commercialising new products.
  • Loans are primarily unsecured & interest free with a minimum loan value of £10,000.
  • Loans will be no greater than 75% of project costs.
  • Loans are subject to State Aid regulations and actual aid intensity will be the level of interest saved.  

Priority Sectors

TIGER is open to North Kent businesses in most sectors but the scheme will encourage applications from the following:

  • Manufacturing
  • ICT, software development & information management
  • Pharmaceuticals & life sciences
  • Low carbon technology
  • Creative & media sectors
  • Technology development  

Sectors not generally eligible

  • Local consumer type activities e.g. retail, personal & professional services.
  • Leisure & cultural provision catering primarily to local markets.
  • Hospitals, personal care & residential homes.
  • Agriculture & horticulture.
  • Education provision
  • Road haulage, distribution & warehousing  

Due to European State Aid Rules, TIGER cannot support businesses in fisheries & aquaculture, primary production of agricultural products, processing & marketing of agricultural products, coal, steel production, shipbuilding and synthetic fibres.   

Types of Loan  

Product  Description
Capital Investment Loan Loans up to £2.5 millionInvestment in tangible & intangible assetsAvailable to SME’s (less than 250 employees)  
Young Innovative Enterprise Loan Loans up to £2 millionCosts of developing new & innovative productsAvailable to small enterprises (less than 50 employees) in existence for less than 6 years  
Innovation & Development Loan Loans up to £1 millionProduct development & investment costsAvailable to SME’s (less than 250 employees)  
Innovation Centres Loan Loans up to £2 millionCapital investment in new/refurbished innovation centres & business spaceAvailable to public sector/non-profit operators & commercial enterprises  

 

Additional Information

  • Applicants will need to demonstrate why they need TIGER and why other forms of investment are not possible.
  • Projects must not be started before a loan agreement is reached. TIGER may not be used retrospectively for projects that have already been funded.
  • TIGER applications will be considered by a locally Chaired Approvals Panel.
  • Applications will be subject to a due diligence process.
  • Repayment periods are generally up to 5 years.
  • Loans are generally unsecured but a charge may be taken if the funds are used for the acquisition of real estate.
  • TIGER applications are free and there are no charges.
  • A free business advice service will be available to assist with full applications.  

Contacts

Medway Council Economic Development Business Support

E-mail: business.support@medway.gov.uk

Economic Development Officers:

Richard Kidd, e-mail richard.kidd@medway.gov.uk, Tel: 01634 338177

Wayne Saunders, e-mail wayne.saunders@medway.gov.uk, Tel: 01634 338138  

To register your Companies interest go to:

http://bit.ly/TIGERLOANS

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