A new regional growth fund has been created to provide incentives for investors and entrepreneurs to consider East Kent as a location for business expansion. The Expansion East Kent fund has been approved by government, and establishment of the programme is underway, pending a period of due diligence. The grant funding is expected to unlock a further £300 million in investment to the region, and provide up to five thousand jobs in East Kent.
Kent Business Sectors
Many of the other regional funds allocated by government are bound to certain business sectors. Not only is the Expansion East Kent grant scheme one of the very few grant schemes allocated in the South East of England, it is also one of the only ones in the country which is open to all businesses which meet the criteria rather than being bound to support one business sector over others.
Paul Carter, leader of Kent County Council, said “I believe absolutely that we have a unique situation here in East Kent with our extraordinary proximity to mainland Europe and proximity to London.”
Kent’s competitive locational advantages have already seen over 400 foreign businesses invest in the county. Locate in Kent has particularly identified financial services, life sciences, media, construction and green technology (including wind energy, recycling, and biomass technology) as being key components of the Kent economic landscape. It seems likely that these sectors will expand with businesses applying for the new regional growth fund grants.
Business Grants
Business grants are an important way for government to support job creators in target areas. The Expansion East Kent scheme is specifically aimed at businesses with a track record of proven success, or those new projects that seem likely to be a robust investment prospect. The scheme is designed to back companies that are seeking to locate in Kent for the first time, and to support the growth of businesses already invested in Kent.
The Expansion East Kent fund will be divided into two categories:
- A Springboard Grant of £25,000 for new business start-ups and small businesses (fewer than ten employees)
- A Grant for Investment and Growth worth up to £2.5 million for larger companies
In all cases, a clear business plan as to how this money will be used to expand and grow the Kent economy and provide jobs will be expected. Each application will be designated a grant advisor, who will assess the application against a clear set of criteria in order to ensure that the process is as open and non-bureaucratic as possible.
Funding will only be granted where there is matching private sector investment; it is not intended to entirely fund projects. It will also only be open to new projects that begin after the grant application is made, all funding will only be allocated upon appraisal of the specific project, and will depend on the degree to which it is seen as good value.
Grant Applications
As the funding is still undergoing due diligence, it is not yet open to applications. The programme will be launched and able to accept applications in April 2012.
The County Council is continuing to bid for further programmes that will support the Kent economy, and is undertaking a review of sources of loans and equity investment.
If you would like further information on the grant or would like to register your interest regarding a potentially suitable project, please email enquiries@locateinkent.com or call +44(0)1732 520700.
Further information about doing business in Kent is available on our Locate in Kent profile.
