New business fund loan schemes have been launched, with each pot as a funding allocation of £2m.
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
More information on the Recovery Loan can be found in the following document. 237.7-FINAL-KMBF-Recovery Loans-guidance
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.
More information on the Capital Growth Loan can be found in the following document. 237.7-FINAL-KMBF-Capital Growth loans
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
Other supporting material
237.7-FINAL-KMBF-(Standard)-guidance
For more information on each of the schemes above please go to our dedicated page or direct to Kent & Medway Business Fund website
