The £40m cash injection follows the partial withdrawal of Pfizer from east Kent

by Martin Jefferies

Businesses in east Kent will find out today how they could benefit from a £40m cash injection designed to boost the area's economy.

The money has been awarded by the government as part of its regional growth fund (RGF) to help deliver the Expansion East Kent programme.

It is hoped the money will attract as many as 500 new businesses and create up to 5,000 jobs, providing a financial lifeline for the area following the partial withdrawal of Pfizer from its site in Sandwich.

Kent County Council plans to offer 'springboard' grants of up to £25,000 to start-up or small businesses with less than 10 employees, while larger 'grants for investment and growth' will be worth up to £2.5m.

Other grants, known as 'business critical infrastructure grants', will help fund infrastructure improvements, including the expansion of the high speed rail line between Ashford and Ramsgate.

It is thought the funding could also pave the way for a Manston Parkway train station serving Kent International Airport.

Businesses are expected to be able to bid for funding from spring next year.

Expansion East Kent will be launched at an event at Margate-based Hornby Hobbies this morning.

The cash for the programme is part of a £950m nationwide package that aims to help create and safeguard more than 200,000 jobs.

The £1.4bn RGF has backed 119 bids from businesses and local enterprise partnerships across the UK.