No Use Empty Commercial Phase 2 Loan Scheme

Do you own an empty commercial property requiring refurbishment to put back into use? If so, read on

Overview

No Use Empty has secured £2m from the Growing Places Fund (GPF) and will provide short-term secured interest free loans to bring empty commercial properties back into use for alternative commercial, residential or mixed-use purposes across Kent.

The project will continue to focus on empty commercial properties in town centre locations (particularly in coastal areas of Kent), where secondary retail and other commercial areas have been significantly impacted by changing consumer demand and have often been neglected as a result of larger regeneration schemes.

The project has a completion date of Spring 2026, and includes the Folkestone & Hythe council district.

Criteria

• The property must have been empty for more than 6 months
• Loans are interest free subject to conditions – please note if you do request funds for further projects additional charges will apply
• Loans will help landlords, owners and developers to meet the cost of repairs and improvements to bring their property back into use
• Loan amount to be discussed with the NUE team as this will be dependent on availability of funds as each new project is approved.
• Loans to let – repayment period currently up to 3 years from the date a secured charge in favour of KCC has been registered
• Loans to sell – repayment period is on the sale of the first unit or within 24 months of a secured charge in favour of KCC being registered
• Properties must be brought back into use within the agreed project timescales and made available to rent within 12 weeks after the project has been completed (or marketed for sale).
• The loan will be made available as a 100% upfront payment (Larger loans are normally awarded on a phased basis)
• The loan scheme will help create new, quality and sustainable accommodation across Kent

Click here to access the No Use Empty website for full details on the scheme and how to apply. Please note there is a also a booklet to download containing full guidelines, terms & conditions.