Put a TIGER in your tank

PUT A TIGER IN YOUR TANK…..

with TIGER or the Thames Gateway Innovation Growth and Enterprise.

Could your business create jobs in Dartford, Gravesham, Medway, Swale or Thurrock if only it had the capital? Then putting a TIGER in your tank could help!

TIGER is financed by central government Regional Growth Fund (RGF) and gives access to a £20 million fund in the Dartford, Gravesham, Medway, Swale and Thurrock.

The fund provides access to interest free loans, (subject to an application and approval process), to businesses in North Kent seeking to invest in new products, processes or markets, or planning to expand their operation locally, with the underlying emphasis is on the loans creating more sustainable private sector employment.

Scheme objectives

• Assist growing companies to 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 and 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

Whilst TIGER is open to North Kent businesses in most sectors, the scheme is looking to particularly encourage applications from the following sectors:

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

Please note that the following sectors are 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

In addition and 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 available

Capital Investment Loan

• Loans up to £2.5 million • Investment in tangible & intangible assets
• Available to SME’s (less than 250 employees)

Young Innovative Enterprise Loan

• Loans up to £2 million
• Costs of developing new & innovative products
• Available to small enterprises (less than 50 employees) in existence for less than 6 years

Innovation & Development Loan

• Loans up to £1 million
• Product development & investment costs
• Available to SME’s (less than 250 employees)

Innovation Centres Loan

• Loans up to £2 million
• Capital investment in new/refurbished innovation centres & business space
• Available 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.

For more information visit: KCC which explains in more detail the application process.
Alternatively, contact your local MFW office who can explain the process and help you with your initial application to improve your chances of securing TIGER funds.