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Call for Expressions of Interest:  Capital Loan opportunity

There is £9.3 million of capital loan funding available across Kent, Medway, Essex and East Sussex to be allocated to new projects between 2017/18 and 19/20.

If you are interested in applying for a capital loan from the South East LEP / KMEP, an expression of interest (EOI) form must be completed by 10am on Monday 7th August 2017.

Please email to request a copy of the EOI template, and for full detail background information on the eligibility criteria and assessment process.

In summary, the criteria are as follows:

• The capital loan opportunity is funded via the Growing Places Fund.
• An interest rate will be applied. This will be set at 2% below the PWLB (Public Works Loan Board) maturity rate on the date when the contract is signed. Under the present market conditions, this would mean a 0% interest rate.
• There is a penalty for late repayment. Where projects fail to meet their agreed re-payment schedule, the interest will default back to the market rate.
• The minimum loan value is £250k.
• The maximum loan value is £2million.
• EOIs must be for capital (not revenue) loans.
• The capital loan should unlock economic growth, create jobs and/or build houses. It must align with SELEP’s strategic objectives.
• Applicants must be able to repay the loan by 2022.
• Has matched-funding of 30% (part of the match can be land value, but not all of it).
• The benefits must exceed the project costs.
• The loan must comply with legal requirements.
• Parties successfully awarded funding shall reimburse the accountable body for administrative and monitoring costs incurred. This cost shall not exceed 3% of the total loan claimed by the recipient.

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