REGIONAL GROWTH FUND

Sue Berdo Tiger Fund Project Officer

What is Regional Growth Fund

• Funded by Department for Business, Innovation & Skills (BIS)

• Aims: Seeks to support growing companies and start-ups by offering 0% loans to assist with investment and the unlocking of private sector debt and equity finance

• Tiger Fund:– Thames Gateway Innovation Growth & Enterprise – £20m for Dartford, Gravesham, Medway, Swale & Thurrock

• £15.71m for Dartford, Gravesham, Medway, Swale • £4.29m for Thurrock

tiger fund - what is it?

• Investment for businesses in North Kent and Thurrock

• Offer of 0% interest loans to start or expand businesses in Dartford, Gravesham, Medway, Swale and Thurrock

• Target to create 829 jobs– 505 jobs created– 324 safeguarded

Eligibility or otherwise

Tiger fund priority sectors:• Manufacturing• ICT, software development and information management• Low carbon technology• Media, creative and cultural industries• Pharmaceuticals and life sciences• Technology development• Leisure and Tourism• Marine Ports & Logistics

What is not Eligible

There are certain specific sectors due to EU State Aid regulations where we cannot provide funding:

Fisheries & Aquaculture (SIC 03) I Primary production of agricultural products (SIC 01) I

Processing and marketing of agricultural products (SIC 10) I Coal (SIC 05) I

Steel Production (SIC 24.1) I Shipbuilding (SIC 30.11) I Synthetic fibres (SIC 13.1) I

Franchises

Tiger accepts Applications from all sectors, but those that fall outside the Priority Sectors require

the endorsement from the District and the Tiger Strategic Board

PRIORITY SECTORSManufacturing I Low carbon technology I Pharmaceuticals & life sciences I

ICT software development and information management I Media, creative and cultural industries ITechnology development

Small and medium-sized enterprises(less than 250 employees)

Capital Loan Investment

Minimum Loan £10kMaximum Loan £2.5m

No more than 50% of total eligible costs

Supports investment inplant, machinery, buildings and

equipment

Innovation and Development Loans

Minimum Loan £10kMaximum Loan £1m

No more than 50% of total eligible costs

Supports investment toDevelop new products, services or processes or expansion of existing

production

Small enterprises(less than 50 employees)

Young Innovative Enterprise Loans(for business <6 years)

Minimum Loan £10kMaximum Loan £2m

No more than 75% of total eligible costs

Develop new products, services or processes or expansion of existing

production

Additional eligibility criteria applies – see TIGER Guidance

JOB CREATION AND/OR SAFEGUARDING OF EXISTING JOBS

Proposals - Key Principles

All proposals must evidence:

• Creating and safeguarding jobs• Support specific investment

projects• Attract additional private sector

investment (eg bank loans or other investment)

All proposals will be:

• Supported by Business Advisers Independently appraised ( to ensure financial viability and good value for money)

• Proposals approved by a business-led Approval Panels

• Monitored (to ensure funding spent and projects successfully delivered.

Application ProcessPRE-APPLICATION (7 working days)

STAGE 1: YOU SUBMIT YOUR FULL APPLICATION

STAGE 2: YOUR FULL APPLICATION IS APPRAISED

(PWC Independent Appraiser)

STAGE 3: A DECISION IS MADE

STAGE 4: THE FUNDING IS OFFERED 40 working days

Stages 1-4)

STAGE 5: WE WILL MONITOR

Success to Date

• Tiger has approved 23 Loans to date

• Healthy pipeline of Full Applications over the coming months

• Amounting to £6,871,319

• Swale data– 8 Companies– £4,141,837

• Case Studies are available on the Tiger website

Kent Invicta Chamber of Commerce

Business Support to assist business with Application process:

Support offered:• Pre to Pre Application submission• Following Pre Application submission where you have not been invited to submit a Full Application• Full Application submission

Types of support:• Workshops• Face to face appointment upon being invited to submit a Full Application• Telephone support• Appraisal of Full Application submission prior to submission

• Contact Details• Tel: : 01233 503838• Email: businesssupport@kentinvictachamber.co.uk

Locate in Kent

Locate in Kent is the investment promotion agency for Kent and Medway.

We’re passionate about sharing the area’s opportunities with businesses like yours.

Our ServicesWe provide a range of free services including:

providing the latest comprehensive information on available commercial sites and property - office, industrial, warehousing and specialist space

providing information about grants and financial assistance that may be available to your company in certain areas of Kent

providing introductions and liaison with professional intermediaries, consultants and advisers to give you access to local knowledge and sources of assistance

Contact us

Locate in Kent Ltd,

Tel: +44 (0)1732 520700enquiries@locateinkent.com

Kent Trading Standards

Support and help for Kent businesses to get it right 1st time.

Our Services• offer FREE individual advice to help you understand your legal rights and obligations, how to

comply with them and improve customer service• Provide Guidance on • Civil law and Criminal law applicable to your business • Composition and Labelling standards • Safety requirements • Website information• Descriptions and Claims • Terms and conditions • For help contact us on

• 01233 898825 East Kent • 01732 525291 West Kent

www.kent.gov.uk/tradingstandards

Further information

Tiger Fund

Website: www.tiger20million.co.uk

Email: tiger@kent.gov.uk