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Borough firms snare TIGER growth cash

by Jim Dunton Wed 23 October 2013, 10:47 am

Two Medway businesses have secured almost £250,000 in regional-growth funding to help their operations expand.

Catering-industry specialists The Food Machinery Company and hydraulics firm Transnordic have been granted interest-free loans from the £20 million Thames Gateway Innovation, Growth and Enterprise (TIGER) fund, which targets businesses in Medway, Dartford, Gravesham, Swale and Thurrock.

The Food Machinery Company, which is based in St Mary Hoo, secured a £197,000 loan towards the cost of constructing a new factory on its existing Fenn Corner site.

Hoo-based Transnordic, meanwhile, has netted a £35,000 loan to invest in new equipment to improve productivity and lower costs.

Councillor Jane Chitty, Medway’s economic-growth lead, said both firms had a fantastic track record in the borough and would now be able to take their businesses to the next level.

“Medway businesses have been quick off the block to recognise the benefits of the TIGER loan scheme - with a further 12 Medway firms through to the final application stage - so this, hopefully, will be just the start,” she said.

“This fund offers a real opportunity for successful businesses looking to base themselves in Medway and the rest of Kent, or looking for financial support to expand their operations.

“It has the potential to provide the kind of investment needed to create more skilled jobs; jobs that will play such a vital role in growing the local economy and its wider regeneration.”

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