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Martyn Riley – Economic Development Officer. What is Marsh Million Funded by Magnox, Kent County Council, Ashford Borough Council and Shepway District.

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Presentation on theme: "Martyn Riley – Economic Development Officer. What is Marsh Million Funded by Magnox, Kent County Council, Ashford Borough Council and Shepway District."— Presentation transcript:

1 Martyn Riley – Economic Development Officer

2 What is Marsh Million Funded by Magnox, Kent County Council, Ashford Borough Council and Shepway District Council Managed by Kent County Council Aims : To offer 0% loans of between £2,500-£10,000 to support start-ups, small businesses and social enterprises in the Romney Marsh eligible area with the potential for growth in businesses to develop new or expand existing products, services, or processes, where these will lead to sustained employment.

3 What is the eligible area? Ashford Parishes of: Aldington, Appledore, Bilsington, Bonnington, Kenardington, Orlestone, Ruckinge, Stone-Cum- Ebony, Warehorne, Wittersham Shepway Parishes of: Brenzett; Brookland; Burmarsh; Dymchurch; Ivychurch; Lydd, Newchurch; New Romney; Old Romney; Snargate; St Mary in the Marsh

4 What is Eligible Type - Sole traders, partnerships, limited companies or a not-for-profit businesses. Amount - Seeking a loan between £2,500 and £10,000. Size - Have less than 50 employees Location - Located or seeking to locate in the Marsh Million eligible area Eligible Expenditure - The types of eligible expenditure include: Development Finance; Commercial Premises Plant and Machinery; Intangible Assets; Gap; Stock Purchases; Purchase of on-road vehicles.

5 What is not Eligible Ineligible Sectors - Fisheries and aquaculture; Primary production of agricultural products; Processing and marketing of agricultural products; Coal; Steel production; Shipbuilding; Synthetic fibres ; Schools, colleges and other educational provision and Franchises. Ineligible Expenditure - Repayment of debt; Purchase of commercial land and/or property; Residential accommodation; General Expenditure; Statutory Obligations Non-Viable Investment Proposals State Aid Limits - Applicants must not have received more than €200,000 (approximately £173,470 at August 2013) of financial assistance from a public source for a trading activity over the previous 3 financial years Limited Private Sector Investment – We will not provide 100% funding or cover all the costs of an investment. Reputation - Investments which would result in potential damage to KCC and its partners’ image and reputation.

6 Proposals - Key Principles All proposals must evidence: Creating and safeguarding jobs Provide investment in to the Romney Marsh Additional private sector investment (e.g. bank loans or other investment) All proposals will be: Appraised (to ensure financial viability and good value for money) Monitored (to ensure funding spent and projects successfully delivered.

7 Application Process

8 Kent Invicta Chamber of Commerce Support to available to assist businesses with Marsh Million application process. Initially these will be held in New Romney on the 4 th October, 25 th October, 29 th November and 20 th December Contact Details: Tel: :

9 Further information Marsh Million Business Loan Scheme Website:


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