Launch of Kent Big Society Fund by Blair Gulland, trustee of Kent Community Foundation, left, with Mike Hil, KCC Cabinet Member

Businesses are being urged to back a new £3m fund to boost social enterprises and jobs.

The Kent Big Society Fund, created by Kent County Council and the charitable Kent Community Foundation (KCF), will provide loans to ambitious social enterprises. The £3m from KCC will be donated over three years.

Mike Hill, KCC Cabinet Member for Customer and Communities, said there was huge potential in the social enterprise sector.

"The Kent Big Society Fund will help social enterprises to make a real difference for local people and the local economy," he said.

Carol Lynch, KCF chief executive officer, added: "While social enterprise is not a panacea, there is a growing understanding of how this kind of enterprising approach can tackle long-standing social problems from the grassroots up, and improve the lives of the people of Kent."

KCF would be encouraging businesses to invest not only cash but also their time and expertise to mentor budding social entrepreneurs.

The fund opens for applications in January and the first decisions made by a KCF Investment Panel at the end of March.

Meanwhile, KCC has announced it is working on a £2m scheme to cut youth unemployment. Details will be unveiled in the spring.