Companies in Kent and Medway can now apply for interest-free loans from a new fund worth £5m over the next five years.
The money - £1.36million in 2016-17, will be available from Kent County Council for qualifying companies and is the latest in a series of similar schemes run by the local authority.
The fund, or Innovation Investment Loans programme, will open for pre-applications on Monday, 1 August, until Friday 12 August. Final decisions will be made in October. Loans will be of £100,000 to £500,000.“
KCC leader Paul Carter said the fund, which aims to encourage lending from the private sector, is “a great opportunity for businesses with the appetite for investment and growth”.
He said: “Small and medium sized high-growth businesses are the lifeblood of our local economy and are key to continued economic recovery.
“But a lack of access to finance often stifles their growth. Many of these businesses will now have access to these loans, helping them to reach their full potential.”
The money has been given the KCC by the South East Local Enterprise Partnership, a body set up by the Government to encourage economic growth in the area.
It is not part of the cash lent by the council from the Government’s £3.2 billion Regional Growth Fund.
KCC’s economic development chief Cllr Mark Dance said: “There is a superb opportunity here for strong companies to expand, to take that next step towards bigger things, and to create the jobs they need to succeed.”
Contact InnovationLoan@kent.gov.uk to receive a pre-app pack.
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