Local businesses will be able to apply for interest-free
loans provided they have plans to grow their company and employ more people,
after Kent County Council launched a massive £40 million Government-backed
scheme to boost the East Kent economy.
Kent County Council will lead the delivery of ‘Expansion
East Kent’ – with the aim of creating 5,000 new jobs by offering local firms in
Thanet, Dover, Shepway and Canterbury £35 million in loans. The project is
supported by the
Government's Regional Growth Fund.
The remaining £5 million will be invested in rail line speed
enhancements to reduce travel times from London to Ramsgate to around 1 hour,
further benefitting business and tourism in the area and placing Manston
airport on the map.
An audience of business leaders and entrepreneurs on Friday
(27 April) packed the Winter Gardens, in Margate, to learn more about Expansion
East Kent.
Leader of Kent County Council, Paul Carter, said:
“This is a tremendous boost for the East Kent economy.
Expansion East Kent is an ambitious programme to create thousands of new jobs
by developing the private sector business base, counteracting the effects of
recent economic shocks in the area.
“The programme also aims to unlock private sector finance,
stimulating more than £300 million in associated investment over the course of
the next four years and creating a major driver for the East Kent economy.
“Since
Pfizer’s announcement to exit from its site last
year, we’ve left no stone unturned trying to support current business, develop
new opportunities and lay down a solid foundation for growth.
“Expansion East Kent will provide financial support to firms
as interest free loans. This intelligent use of funding means we can recycle
the money to provide vital business support on an on-going basis, benefitting
local firms and creating local jobs for years to come.
“Expansion East Kent is being delivered by Kent County
Council. We will bear the administration costs, which means it will be run at
zero cost to business.”
Almost all business sectors in East Kent – and those
locating or looking to expand into the area – can potentially benefit from the
scheme.
Mr Carter added:
“We want to encourage applications from sectors where new
investment is particularly important and can yield significant economic
benefits, for example manufacturing, advanced engineering, tourism, life
sciences and greentech industries. This significantly builds on our work to
help market and promote the
Discovery Park Enterprise Zone in Sandwich and will
have an impact across the whole of East Kent.”
South Thanet MP, Laura Sandys, said:
“The Regional Growth Fund offers unrivalled opportunities
for East Kent. Unlike previous Government backed schemes, £35 million of the
Fund will go directly into supporting businesses to expand, create new local
jobs and recruit staff. By providing interest free loans, it is not a quick
cash injection but a long term sustainable solution to ensure our local
business community and jobs market thrives into the future. Securing the
Regional Growth Fund is a huge victory – particularly for the Thanet and
Sandwich corridor.”
To find out more about Expansion East Kent and for full
details of the application process, please visit:
www.kent.gov.uk/expansion.