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Ministers approve £20 million economic-growth package

Wed 24 October 2012, 11:35 am

Medway is set to share in a £20 million funding boost to support new investment and new jobs through the government’s Regional Growth Fund.

Medway: Jobs funding boost from government fund

Ministers have announced that the Thames Gateway Innovation, Growth and Enterprise (TIGER) bid is one of 130 schemes selected to benefit from the £2.4 billion Regional Growth Fund.

The funding will support new investment and job creation across North Kent and Thurrock by offering low-interest loans to businesses investing in new products and services expected to create long-term job opportunities.

The scheme, which also aims to unlock additional private-sector finance, is expected to be up and running in April next year.

Rob Bennett, chairman of bid-coordinators Thames Gateway Kent Partnership, said the backing from ministers was a “huge vote of confidence“ in the area‘s potential.

“Coming on top of recent investment in transport and infrastructure, it’s another reason why the Gateway is a great place to set up and grow a business,” he said.

Medway Council leader Rodney Chambers said the government’s decision was a “significant endorsement” of the area’s approach to regeneration.

“We look forward to working across North Kent, and with colleagues in Thurrock, to help as many local businesses as possible benefit from this funding so that it creates more local jobs in the shortest possible time,” he said.

In addition to Medway and Thurrock, the TIGER funding will be available to councils in Dartford, Gravesham, and Swale.

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