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Business finance

Medway Council encourages innovation and supports businesses that want to grow and helps those planning to move to Medway. This page contains some of the funding available both from the council and outside organisations.

Partners for Growth (PFG)

The PFG scheme was started in 1994 and was designed to help businesses by providing a package of funding and free business advice. The PFG loan scheme still runs today and has helped many of Medway's well established companies. In 2009, the PFG start-up grant was introduced; a one-off payment to help Medway residents kick start their business.

  • The PFG start-up scheme is available to Medway residents considering setting up a business. The scheme is operated on the council's behalf by Kent Invicta Chamber of Commerce and comprises a business planning workshop, one to one business advise and for eligible businesses a start-up grant.
  • The PFG interest free loan scheme is available to growing businesses with less than 50 employees and have at least two years of successful trading. Business Advisors are provided free of charge to assist with the preparation of a business plan and the loan application. To discuss your proposal please contact Economic Development on 01634 338138 or email business.support@medway.gov.uk.

Start up loans and Kent Invicta Chamber of Commerce (KICC)

The Government-backed Start Up Loans scheme has partnered with Kent Invicta Chamber of Commerce to offer business advice and loans for start-up businesses in Kent.

Since 2012, when the scheme was started, more than £250 million has been lent to support over 40,000 business ideas in the UK. Key features of the loan are:

  • Borrow from £500 to £25,000
  • Fixed interest rate of 6% p.a.
  • One to five year loan repayment term
  • No set up or early repayment fees
  • Pre-loan support with business plans and cash flow forecasts
  • 12 months of free mentoring for loan recipients
  • Exclusive Business offers

The loan is unsecured, however, as it is a personal loan, for business use only, each individual applicant is responsible for the repayments.

To be eligible for the scheme you must:

  • be 18 years of age or older
  • have a business that is or will be based in the UK
  • be a UK resident
  • have the right to work in the UK
  • be starting a new business or have been trading for up to 24 months.

Register your interest in the start up loans scheme or find more information about Kent Invicta Chamber of Commerce and its support services for Kent.

New business funding scheme 2017

In 2017 businesses in Kent will be able to get loans and funding from a new scheme.

Information on how to access the funding will be published in mid January 2017, but businesses can submit an expression of interest on the Kent County Council website now.

Innovation Investment Loan Fund (i3)

The Innovation Investment Loan Fund (i3) will be open to receive pre-applications from 25 August 2017 to midday on 11 September 2017.

The Innovation Investment Loan is supported by the South East Local Enterprise Partnership’s Local Growth Fund.   

The scheme offers 0% loans between £100,000 and £500,000 to small- and medium-sized businesses with the potential for high growth, job creation and innovation within their sector/business.  Loans can be used to develop new or existing products, services or processes.

Businesses from the Ashford, Canterbury, Dartford, Dover, Gravesham, Maidstone, Medway, Sevenoaks, Shepway, Swale, Thanet, Tonbridge & Malling and Tunbridge Wells can apply.  

More information can be found on Kent County Council’s website

Further information

Grants and government support: