New Kent and Medway business fund launched

New Kent and Medway business fund launched

Kent County Council has launched a new fund helping support small and medium sized businesses across Kent and Medway.

Kent County Council is offering 0% loans between £50,000 and £500,000 to SMEs located in Kent and Medway.

Areas eligible for the loan include; Ashford, Canterbury, Dartford, Dover, Gravesham, Maidstone, Medway, Sevenoaks, Shepway, Swale, Thanet, Tonbridge and Malling, and Tunbridge Wells.

The scheme intends to deliver £5m of investment to businesses across these areas in 2017/18, and is funded by loan repayments from Kent County Council’s previous Regional Growth Fund schemes (Expansion East Kent, Tiger and Escalate).

You can apply for a loan if you:

  • are a sole trader, partnership, limited company or a not-for-profit business
  • are located or seeking to locate in Ashford, Canterbury, Dartford, Dover, Gravesham, Maidstone, Medway, Sevenoaks, Shepway, Swale, Thanet, Tonbridge and Malling, and Tunbridge Wells
  • are seeking a loan between £50,000 and £500,000
  • are creating or safeguarding jobs
  • currently have fewer than 250 employees
  • are developing or expanding products, services, or processes that will lead to new jobs, deliver business growth and improve productivity
  • can provide security or personal guarantees as required - when security is required it will need to be provided for at least a value equal to the loan capital and administrative charges over the term of the loan
  • for all loans between £50,000-£99,999, security or personal guarantees may be required on a discretionary basis
  • for all loans of £100,000 and over, security or personal guarantees will automatically be required
  • Work in an eligible sector (see list of exclusions below).

Pre-applications can be submitted until 19 January, although there may be further bidding rounds during 2017.

To find out more or to submit a pre-application, visit the Kent County Council website.