Employment: £5million boost for Kent jobs
Kent County Council has announced the launch of the Innovation Investment Loan, which is a new fund to drive forward jobs, innovation and growth across the county.
The fund, which is made possible following a successful bid to the South East Local Enterprise Partnership, will offer interest-free loans to small-to-medium businesses with high growth potential, with the aim of unlocking additional private sector finance. The scheme will operate countywide and be linked to other business support services via the Kent and Medway Growth Hub.
KCC leader Paul Carter said: “The Innovation Investment Loan scheme is a great opportunity for businesses with the appetite for investment and growth. Business will be the backbone of Kent’s continuing economic success – and this loan scheme will help to continue to unlock its potential.
“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 is often a problem stifling their growth. Many of these businesses will now have access to interest-free loans, helping them to reach their full potential.”
The scheme will open on 1 August, and will involve a much shorter application timescale than previous loan schemes, with full applications being submitted by 2 September.
Companies which feel they might benefit from the scheme can express an interest by emailing InnovationLoan@kent.gov.uk