Who can apply for a Marsh Business Boost loan
To apply for the Marsh Business Boost Business Loan Scheme, you need to meet the following criteria.
1. Business location
Your business must be located within one of the following areas:
Ashford Borough Council: Aldington, Appledore, Bilsington, Bonnington, Kenardington, Newenden, Orlastone, Ruckinge, Stone-Cum-Ebony, Warehorne, Wittersham.
Folkestone and Hythe District Council: Brenzett, Brookland, Burmarsh, Dymchurch, Ivychurch, Lydd, Newchurch, New Romney, Old Romney, Snargate, St Mary in the Marsh.
2. Meet all the following criteria
- be a sole trader, partnership, limited company or a not for profit business
- be seeking a loan between £2,500 and £50,000
- currently have less than 50 employees
- be providing employment – either creating or safeguarding jobs in the designated areas of Ashford and Shepway.
3. Your investment proposal
You should only apply if your investment proposal can demonstrate:
- the need for financial support to go ahead
- that your business is viable, has good growth potential and will be self-sustaining by the completion of the investment
- some level of private sector match funding is available
- that your proposal will have a positive impact on the economy of the Romney Marsh area
- that you can repay the loan within 5 years.
You can only submit one application at any one time.
The opportunity to submit further applications is dependent on such a loan not breaching State Aid rules and you must get permission from the Marsh Business Boost Programme Management Team prior to any further submission.
If you are already in receipt of a government-backed finance product (e.g. Enterprise Finance Guarantee via my bank), you can still apply to Marsh Business Boost but you should take advice.
Because Marsh Business Boost is a form of 'State Aid', there are limits on the amount of public support that individual businesses can receive. More information can be found in the Marsh Business Boost Business Loan Application Guidance (PDF, 724.2 KB).
Community or not-for-profit groups can apply but the project for which investment is sought must generate sustainable, private sector employment – so we won't be able to fund purely social or community projects.
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).
The Marsh Business Boost scheme is currently closed to new pre-applications. A further announcement on legacy funding will be made in December 2019.