Kent and Medway Business Fund Standard Loans
About the KMBF Standard Loan
The KMBF Standard Loan offers 0% interest loans between £100,000 and £750,000.
We welcome applications from established small and medium-sized businesses in Kent and Medway, who are looking to grow their business.
Businesses looking for start-up and early growth funding can apply for a KMBF Standard loan up to £550,000. Start-up businesses (those in the first year of trading) must be able to demonstrate contracts, security, experience of the industry and ability to ensure financial viability and serviceability.
It can help to develop new or expand existing products, services or processes. In turn it can create new jobs, deliver business growth and improve productivity.
This scheme is funded by recycled loan payments from the former Regional Growth Fund schemes:
- Expansion East Kent
- TIGER
- Escalate.
Terms of the loan
The loan terms are:
- a 10% administrative charge is applied on payment of funds for loans from £100,000 to £600,00 and a 15% administrative charge is applied on payment of funds for loans from £601,000 to £750,000
- it must be at least 50% match funded from private sources such as business reserves and bank loans
- security will normally be required to cover the full value of the loan. Personal guarantees may also be requested
- loans are repayable over a period of five years following a six-month repayment holiday. For loans between £601,000 and £750,000 an 8-year repayment term is available.
Eligibility
You can apply for a loan if you:
- are a sole trader, partnership, limited company or a not-for-profit business
- are based in, or looking to locate to Kent (including Medway)
- are seeking between £100,000 and £750,000 (up to £550,000 for start-ups)
- are creating sustainable jobs
- may be protecting jobs
- currently have fewer than 250 employees
- are currently viable, not in difficulty and not subject to collections or collective insolvency proceedings
- are developing or expanding products, services, or processes that will lead to new jobs, deliver business growth and improve productivity
- can provide security (commensurate with risk). Personal Guarantees may also be required from all the directors and/or owners for at least the value of the loan capital
- are able to provide 50% match funding from private sources.
Who cannot apply
You cannot apply if your business is an organisations engaged in political activity or lobbying at any level or activity of an exclusively religious nature.
Partial restrictions apply to primary production and processing of agricultural products (read section 6 of our guidance for applicants for further information).
Apply for a Kent and Medway Business Fund Standard Loan
Before completing the pre-application form, we recommend that you read our guidance notes for prospective applicants (PDF, 1.0 MB).
Complete the pre-application form (opens in new window)
The scheme will close when funds are no longer available.
If you have any questions about your pre-application, email kmbf@kent.gov.uk. For general, financial or premise advice, visit our business support page.