Apply for a Marsh Business Boost loan

There are 4 stages in the application process, and we will provide you with feedback at each stage.

If you have any questions about your application please email marsh.million@kent.gov.uk.

The pre-application helps us check that your business meets our eligibility criteria and asks for basic information about your business and your proposal for growth. We intend to close this scheme to pre-applications on 31 December 2018 (the scheme may close earlier if the current budget is expanded before this date).

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We will acknowledge receipt of your pre-application within 3 working days and respond within 7 working days. You must complete all sections of the form.

The Marsh Business Boost full application form will only be sent to you if your pre-application has been assessed as meeting all of the criteria we're looking for.

Once your pre-application has passed our initial assessment, we will send you a link to our full application form.

Please note that getting to this stage does not guarantee Marsh Business Boost funding.

The full application form asks for similar information to the pre-application, just in more detail and asks you to provide supporting evidence.

What you will need to provide:

  • VAT registration number (where applicable)
  • SIC 2007 code (you can find it on the SIC Code Support website)
  • financial information about the business (including turnover at last year end, gross profit information, who you've approached for funding)
  • proprietors, directors or partners of the business details
  • shareholder information
  • bank account details
  • parent company/group details (where applicable)
  • proposal details
  • project milestones and associated costs
  • risk information - trading standards can help you assess any risks in your business plan
  • financial information about the proposal (including supporting documentation such as quotes)
  • detailed information about the jobs you're looking to create/safeguard with timescales and salaries
  • professional advisors' details (accountants, bank manager, legal advisor etc).

Supporting documentation required:

  • a business plan detailing the business history and future plans
  • 2 years statutory audited/ unaudited/ drafted accounts (as appropriate)
  • your most recent management accounts (where available)
  • at least 2 years projected balance sheet, profit and loss and cash flow (including forecasted loan repayments). In the case of cash flow these should be provided on a monthly basis.
  • a copy of any planning approval or licence (if applicable)
  • a copy of the relevant clauses from your memorandum and articles of association, rules or governing documents, which relate to how the organisation distributes profits. (Not for profit businesses only).
  • completed De Minimis Declaration.

By submitting an application your organisation is agreeing to Kent County Council seeking necessary credit references or reports.

All proposals and supporting documents must belong to your business and must not infringe any existing patent or copyright and all applications will be dealt as commercial, in confidence.

If the application does meet our criteria, it will then be submitted for appraisal.

We will make a recommendation to the Marsh Business Boost Board based on our appraisal of your application.

The board will consider each application, and may decide to ask you to present your project.

The board may approve or reject applications, or defer them while seeking more information. The board may also set the conditions of the loan (for example payback periods).

After applying:

If your application is successful you will be sent an offer letter detailing the level of finance and the conditions associated with the loan. This will form part of your contract with us.

If your application is unsuccessful, we will send you a summary explaining the reasons why.

Payments will normally be phased, and will be made when specific investment and/or employment milestones (identified from your business plan) are reached. These will then be monitored during the investment period and three years beyond the final payment to ensure that the conditions of the finance offer have been met.

The loans are 100% repayable, with capital investment proposal generally repayable in equal, regular and agreed instalments. Repayments will be linked to proposal milestones up to a maximum of five. A simple and transparent repayment model will be included with your offer letter.

As a business looking to create jobs in Romney Marsh, we want to give you the best possible chance of being successful in your application.

Here are our top tips for making your application count.

  • Make sure your business is eligible.
  • Think about the information in your pre-application - the main point of this project is to create or safeguard jobs in Marsh Business Boost eligible area so make sure you emphasise how many you're looking to create/safeguard and how.
  • Requests for 100% funding will not be supported - the total value of an investment proposal cannot be completely funded with a Marsh Business Boost loan. The minimum level of match funding required is 20%. The rest must be contributed from other sources, and this is known as match funding. Match funding refers to the amount of non–Marsh Business Boost funding (usually private sector investment) required to make up the full cost of the project. Private sector investment could take the form of the applicant's own resources, commercial lenders or other types of investment.
  • Make sure you've considered all of the options for funding. Please indicate that you've considered other funding options such as your own resources or commercial lenders even if the funding isn't confirmed. Don't discount going to the local banks - we have a list of bank contacts for you to use.
  • Make sure your figures are accurate - your application will be assessed based on the figures you provide, so make sure they're accurate. Get support from finance professionals if possible.
  • Get some professional advice - use the range of business support organisations that could help you.
  • Do your research - show that you know the need and demand for your product and can evidence it.
  • Read the guidance - make sure you've read all of the information in the Marsh Business Boost Business Loan Application Guide (PDF, 724.2 KB).