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KCC Innovation Loan Fund i3
- 1. Innovation Investment Loan (i3) Jacqui Ward Ashford International 21 July 2016
- 2. GPF - i3 – December 2015 - Pilot • SELEP – Local Growth Fund • Priority Sectors • Loan values £20k/£250k • Measurable outputs • Private sector leverage • Jobs created and safeguarded • Changes applied • 3% administration fee
- 3. GPF - i3 Pilot – Timeframe - 4 months • Opened: 18 December 2015 • Submitted to KCC: 15 January 2016 • Appraisal period: February 2016 • Presentation to Panel: 8 March 2016 • Contract Meetings: 7-23 March 2016 • Loan Defrayment: 13-21 April 2016 (unsecured)
- 4. 00/00/2013 Your Name GPF - i3 Pilot – Income / Successes • Total Loan Value requested = £998,500 • Total Loan Value awarded = £838,500 (84%) (4/6=67%) • Successes • Reduction in Application timeframe • Reduction in Appraisal fees • Automated Administration features • Repayments by monthly DD from outset
- 5. 00/00/2013 Your Name GPF - I3 – Follow-up Loan Scheme Fund Allocation available = £1,361,500 •Type of Loan Scheme - Capital •Area: Kent and Medway •Eligibility: • Existing business and start-ups • SMEs •Loan Values £100,000 / Maximum £500,000
- 6. 00/00/2013 Your Name GPF - I3 – Follow-up Loan Scheme • Arrangement fees • 3% administration fee • Annual monitoring fee for the duration of the loan • 1% of remaining balance (decreasing) • Security • Security may be requested on all loans over £100,000 • All legal fees for security to be borne by applicant
- 7. 00/00/2013 Your Name GPF - I3 – Follow-up Timeframe Pre Applications open: 1 August 2016 Pre Applications close: 12 August 2016 Invite Full Applications: 19 August 2016 Walk through Application process: 23 and 24 August 2016 Full Applications submitted to KCC: 2 September 2016 Appraisal period – internal: 20-30 September 2016 Appraisal period – external: 3-14 October 2016 Presentation to IAB: mid October Contract Meetings: end October 2016 Loan Defrayment: to follow
- 8. 00/00/2013 Your Name REGISTER YOUR INTEREST InnovationLoan@kent.gov.uk
Editor's Notes
- Priority Sectors Manufacturing Low Carbon Technology Pharmaceuticals & Life Sciences ICT Software Development & Information Management Media Creative and Cultural Industries Marine Ports and Logistics and Technology Development
- * - £6000 (Loan value declined £200k)