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Cash to help innovative firms create jobs

Thursday 9th April 2015

NINE companies in Maidstone, including a medical diagnostics firm and a day care nursery, are creating 124 new jobs and protecting a further 94, thanks to £2.5m of funding.

The interest-free ‘Escalate’ loans were administered by Kent County Council as part of the Regional Growth Fund, and awarded to businesses in West Kent and East Sussex looking to grow and create new jobs while protecting existing ones.

The loans were awarded to innovation and world-leading life sciences and technologies being developed in Maidstone, along with computer software development to train the engineers of tomorrow.

The expansion of a company supplying the aerospace industry and a start-up business leading the way in plastic recycling using new technologies were also supported.

The loans awarded to Maidstone accounted for 46% of the total funding, and were all supported by match funding from the private sector. As they are repaid, that money will be reinvested into further financial support for businesses.

Companies in receipt of funding and contracts to date are:

ACT Universal Limited (£50,000 – 12 jobs)

Absols Ltd  (£45,000 – 5 jobs)

MEP Ltd  (£620,000 – 57 jobs)

Michelson Diagnostics Limited  (£600,000 – 32 jobs)

Recapture Plastics Ltd  (£230,000  - 13 jobs)

Select Learning, The Nursery at St Peter's  (£260,000  - 22 jobs)

A further three companies have yet to be awarded contracts.

Maidstone council’s cabinet member for economic and commercial development, Cllr Malcolm Greer, said: “Maidstone businesses were awarded more money than any other district, highlighting the number of innovative businesses that we have in the borough that are ready to grow and employ more local people in high quality jobs.”