martyn riley – economic development officer. what is marsh million funded by magnox, kent county...
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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 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.
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
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.
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.
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.
Application Process
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 4th October , 25th October, 29th November and 20th December
Contact Details:• Tel: : 01233 503838• Email: [email protected]
Further information
Marsh Million Business Loan Scheme
Website: www.marshmillion.co.uk
Email: [email protected]