Issue - meetings

Background:

This report informed the Cabinet about the re-launch of the Kent and Medway Business Fund (KMBF). The fund had, since 2017, provided 104 loan investments with a total loan investment of £13,889,299.

The KMBF would offer 0% interest free loans of up to £600,000 to businesses in Kent and Medway, repayable over a period of five years. A 10% administration fee would apply and no repayment would be required for the first six months. The fund would be open to Small and Medium Businesses (SMEs) in eligible sectors, including start-ups and could be used to help develop or expand existing products, services and processes.

The Accountable Bodies for the decision making of KMBF, known as the Investment Advisory Board and Sub Investment Advisory Board, had been established by Kent County Council and the report advised that the Portfolio Holder for Economic and Social Regeneration and Inward Investment, Councillor Lauren Edwards, would be the Board Member for Medway Council.

Reasons:

To note the KMBF re-launch and to maximise the opportunities this could provide to Medway businesses, including the creation of new jobs. Restoring Medway’s involvement in KMBF is in line with the Council signing up to the Federation of Small Businesses Kent’s Local Leadership pledge earlier this year.