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The Kent and Medway
Business Fund is now open


Have a question about the Kent and Medway Business Fund? We’ve created some
at-a-glance sections to explain what is involved in applying and the process involved.

Who can apply?

For KMBF Standard loan applicants:

  • Viable businesses not in financial difficulty
  • Businesses that can provide 50% match funding
  • Businesses with fewer than 250 employees
  • Businesses seeking to protect or create jobs

For Small Business Boost loan applicants:

  • Viable businesses not in financial difficulty
  • Businesses that can provide 20% to 30% match funding
  • Businesses with fewer than 250 employees
  • Businesses seeking to protect or create jobs

Which sectors are eligible?

All sectors are eligible with the exception of:

  • Organisations engaged in political activity or lobbying at any level or activity of an exclusively religious nature.
  • Franchises

Partial eligibility applies to:

Primary production and processing of agricultural products. Restriction only to expenditure related to the cultivation of soil, planting, raising and harvesting crops, feeding and managing animals. The restriction does not apply to expenditure related to non-agriculture diversification or innovative activities related to agriculture i.e. new products, processes and services.

I have not yet set up my business, can I still apply?

We would expect your business to be either incorporated or set up as a sole trader or partnership (or other type of business as specified in the Guidance Notes), before or at the time of applying

What type of purchases can the loan cover?

You can apply for funding for:

  • Tangible assets such as land, buildings, software, machinery and equipment.
  • Intangible assets acquired from third parties by the transfer of knowledge or technology
  • Employment costs, for new employees only

Can I use funding to purchase land and/or property for the purposes of resale?

The purchase of land and/or property for the purposes of residential and/or commercial development and /or resale is ineligible. You may use the loan to purchase land or property for your own business use.

My business is a limited liability partnership (LLP), am I eligible?

Yes. Applications are accepted from Limited Liability Partnerships.

Do I have to have my match funding confirmed when I apply?

It is advisable to have considered how you will raise the match funding required before you complete your pre-application as you are likely to be asked about this.  You will be expected to provide written evidence of match funding when you submit your full application. We are unable to process your full application until satisfactory match funding evidence is provided.

Will I be credit checked when I apply?

Yes. You will be asked to complete a Consent to Credit Check form for each Director, owner or partner at the point of submitting your full application.

Such Credit Checks may be carried out at any point until the loan and any associated sums have been paid in full.

Do I need to provide security for my loan?

For a KMBF Standard Loan security will be required.

Security is not normally requested for a Small Business Boost loan, however security may be required subject to a level of risk assessment, the recommendation of the Investment Advisory Board sub-group and at the discretion of the Council.

If I am a sole trader, do I have to have a business bank account?

Yes.  Any agreed and approved loan must be paid into a UK business bank account.

How long does the application process take?

We recommend that you allow at least three months from first submitting your pre-application to receiving funds. However, this can vary depending on how well your application is completed and whether you have submitted all the documentation required in a timely manner and that it is accurate. One of the main areas of delay experienced with past schemes has been that incorrect information has been provided about security already in place between applicants and other third parties – so please check this carefully before you apply.

Can I choose my own repayment profile?

Yes, to an extent, providing the repayment does not extend over the 5-year loan period. The scheme looks unfavourably at “balloon payments” (unusually large payments due at the end of the repayment period)

How quickly will I receive my loan?

Following a recommendation by the Board, the Council will consider the recommendation and usually make a decision within 10 working days. If successful you will receive an Offer in Principle letter which contains an invitation to a contract review meeting, usually within two weeks. You should receive your loan monies following completion of all requisite legal documentation.

Can I repay my loan early?

Yes, you can.

Can you offer support with my application?

The Business Investment Team prides itself in offering professional support at all stages of the application and contract negotiation stages of the process. In addition, we can occasionally signpost you to wrap-around business support if required, at no cost to the business.

How often does the Board meet?

The Board meets on a monthly basis.  If you are invited to present your loan application to the Board you will be given full details of the procedure and preparations you need to make.

What are my chances of success?

It is difficult to assess with any certainty the potential for success of any application. The final recommendation to support the investment requested rests with the Board. The final decision on whether to award then rests with the Council, which will consider the Board’s recommendation but will determine applications at its discretion.

Can I re-apply if my application is unsuccessful?

Depending on the availability of funding, you may re-apply. Any ability to re-apply for the same business proposals will depend on the reasons for the previous recommendation or decision to reject.