Posted by ashleyphillips - July 8, 2014 11:55 am Small Business Boost Scheme

Kent County Council has announced the launch date for its Small Business Boost scheme. This offshoot of the Expansion East Kent scheme is to be launched at an event to be held at Folkestone Academy on the morning of Wednesday 23rd July 2014.

Who is eligible?

The scheme is targeted at start-ups and small businesses who may have previously considered themselves too small to be considered for the Expansion East Kent loans. In order to make these 0% interest loans more accessible Kent County Council will relax the qualifying criteria within the new Small Business Boost scheme, which provides loans of up to £50,000.

Qualifying criteria

The specific qualifying criteria will be announced at the launch event. However in order to be successful, each proposal will have to demonstrate the need for financial support in order for the plans to go ahead and demonstrate how the proposal would have a positive impact on employment in the eligible area, specifically creating new jobs or safeguarding jobs within the business.

Application process

As well as relaxed qualifying criteria, it is thought that the online full application requirements will be reduced to alleviate the administrative burden for small businesses. This has been considered to be acting as a barrier to the number of applications being received from small businesses through the Expansion East Kent scheme.

Appraisal team

The appraisal team, which usually includes individuals from various sectors of the local business arena and which is set up by Kent County Council, is also expected to be reduced in number from that of the Expansion East Kent main scheme. This would provide a less daunting prospect for potential small business applicants, as well as helping to speed up the appraisal process.

Purpose of the scheme

Kent County Council are hopeful that the new scheme will attract a large number of applicants and are keen to show their commitment to assisting small businesses throughout Kent.

How to apply

Anyone interested in applying for the Small Business Boost is encouraged to attend the launch event at Folkestone Academy where they will have the opportunity to meet with representatives of the scheme.

Should you require full details of the Small Business Boost scheme or advice on the qualification criteria and the application process then please do not hesitate to contact us following the launch event.

For more information about business funding please contact me or your nearest MFW office.