Kent & Medway Business Fund Loan Schemes launched
New business fund loan schemes have been launched, with each pot is a funding allocation of £2m (£6m in total).
Two of the loan schemes (Recovery Loan and Capital Growth Loan) open for pre-applications between 1st and 14th August. Further interest will be captured via Expressions of Interest. Highlights of the two scheme are below.
KMBF Recovery Loan:
- offering loans of £50k to £100k
- match funding is not required
- deferred repayments for 12 months
- repayment period 5 years, thereafter (less if the business has over 50 employees)
- scheme will support the provision of working capital
- 5% administration fee
- must have been trading for at least 3 years as of 31 December 2019
- security: PG of 10% of loan value will be requested.
KMBF Capital Growth Loan:
- offering loans of £50k to £100k
- no match funding required
- deferred repayments for 12 months
- repayment period 5 years, thereafter (less if the business has over 50 employees)
- 5% administration fee
- scheme will support the purchase of capital tangible and non-tangible assets (buildings, construction, equipment, technology etc)
- must have been trading for at least 3 years as of 31 December 2019
- security: PG of 10% of loan value will be requested.
A further scheme (Kent & Medway Business Fund) will open from 17th August
Kent & Medway Business Fund
- offering loans of £101k to £500k
- match funding required
- deferred repayments for 12 months
- repayment period 5 years, thereafter
- 5% administration fee
- scheme will support the purchase of capital tangible and non-tangible assets (buildings, construction, equipment, technology etc)
- security will be requested to cover the entire value of the loan
For more information on each of the schemes above please go to our dedicated page or direct to Kent & Medway Business Fund website.
