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Business continues to grow in Medway

Date: 25/09/2008           Category: Economic Development

Business is growing in Medway. In the last eight years the number of small businesses has increased from 8,000 to 13,000 proving the economic climate remains stable and positive. The council’s Partner’s for Growth (PFG) scheme is now in its 12th year. During that time the scheme has created 900 jobs and protected 1,615. PFG is unique to Medway and can offer businesses interest free loans up to £10,000 and the services of a specialist business advisor. The primary objectives are to create new employment and wealth for the area by helping businesses with good potential for growth. Three very different businesses have recently benefited from the scheme. Tatty Devine, a fashion company that mixes pop culture design with engineering skills, has just relocated from east London to a unit in the council’s workspace at Pier Road, Gillingham. Tatty Devine makes acrylic jewellery cut using industrial machinery. VirtualGym TV, Europe’s only live broadcasting and on-demand online gym, has opened on the Medway City Estate. The company provides a weekly program of fitness activities available to download from its website www.virtualgym.tv Suffolk-based Precision Navigation, a supplier and installer of marine electronic equipment electrics and on-board equipment for yachts and powerboats, has opened up a second premises, also on Medway City Estate. All three businesses were attracted to the area because of its close proximity to London, good transport links, cheaper rents and the potential skills set offered by the area’s growing population of students. The council’s Portfolio Holder for Strategic Growth and Economic Development Cllr Jane Chitty said: “The Partners for Growth loans prove very useful because the banks don’t always have the confidence to fully fund projects and businesses generally have their funds tied up. All three businesses are bringing income into Medway and they all complement a number of businesses already in the area.” For details about the Partners For Growth scheme contact the council’s Economic Development Team on 01634 338138 or email business.support@medway.gov.uk Alternatively log on to: http://www.medway.gov.uk/business