Kent and Medway businesses in the early stages of growth can now apply for an interest-free loan to help achieve their ambitions, create jobs and power the county’s economy.
Officially launched today, the Small Business Boost offers financial support of between £26,000 and £99,000 repayable over five years, following an optional six-month re-payment holiday.
The scheme is part of the Kent and Medway Business Fund (KMBF), managed by Kent County Council (KCC), which has been offering recycled loan funding to Kent businesses for over a decade. Along the way over 350 companies have been able to expand, creating and safeguarding thousands of jobs.
Businesses applying for a Small Business Boost loan need to show:
- Realistic ambitions for growth and job creation
- A robust business plan, and
- Proof the loan will help.
SMEs from any sectors can apply, but applications from the following priority sectors are particularly encouraged:
- Pharmaceutical, natural and life sciences
- Green technology
- Digital, media, creative and cultural industries, and tourism
- Food technology manufacturing, and
- Logistics and construction
Applicants also need to pass credit checks.
You can find out more about the Small Business Boost, including how to apply, here: About Small Business Boost – Kent & Medway Business Fund (kmbf.co.uk)
Businesses wanting further details can also call the Kent and Medway Growth Hub on 03333 602 300 to talk to an adviser.
Leader of Kent County Council Roger Gough said, “Since 2012, when we first started offering repayable finance through regional growth funding, KCC has supported several hundred small businesses across Kent and Medway through these funds, creating or safeguarding more than 5,000 jobs.
“Recycling the funding as the loans are re-paid is a fantastically simple, but effective way, of ensuring continued public support for Kent’s hard-working business community in uncertain economic times.”
Chairman of the KMBF Investment Advisory Board, Sir Paul Carter, said, “Our new loan offer has been tailored to help Kent’s small businesses with big ambitions and good ideas to get to the next level.
“The application process is rigorous to ensure we can recycle funding to support future businesses. But there is lots of help on hand to help companies ready to boost Kent’s economy through innovation, investment and jobs to apply – just check out our website at About Small Business Boost – Kent & Medway Business Fund (kmbf.co.uk), or speak to the Kent and Medway Growth Hub on 03333 602 300.”