Wednesday, September 27, 2023

Tiger loan offer not burning so bright as £19 million left unclaimed

ONLY FOUR companies throughout Kent and Essex have been successful in obtaining much needed business loans.

The Tiger scheme was launched in a blaze of glory but after several months, £19 million (of the £20 million on offer) remains unclaimed.

YT wrote about the dearth of successful bidders a few months ago. This week, we made a follow up enquiry and learned that only two companies had succeeded in Thurrock and just two for the whole of Kent.

It appears that the complaint that the application forms are just too complicated still stands and so does Thurrock Council’s defence that these are the rules set out by the government.

A Thurrock Council spokesperson said: “The process is set by the government, which provided the money and we have to follow it. We have to account for every penny of public money spent. We know it is difficult and lengthy which is why there is a lot of support available.

“If businesses engage with us and explain what specifically in the process they find difficult, we could work with them, either to amend it (if possible) or to help them through.

“We are trying to inject £4 million into the local business community by March 2015 and want this to be a success.”

The four winners are:

From Swale: Newform Energy Limited: £410,000
Jobs created: 49
Jobs saved: 3

From Medway: Transnordic Ltd: £32,539
Jobs created: 8
Jobs saved: 7

From Thurrock: Vortex Exhaust Technology Ltd: £240,000

Jobs Created: 46
Jobs Saved: 1

Pixelwork Ltd: £22,000

Jobs created: 4
Jobs saved: 5


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