Calling Cornwall Businesses: £47.3m Funding Awaits Your Ideas

Businesses across Cornwall and the Isles of Scilly are being encouraged to apply for investment support following confirmation that the region will receive an additional £47.3m from the Government’s Shared Prosperity Fund (SPF). The funding, managed by Cornwall Council through the Good Growth Programme, is aimed at supporting economic development and fostering growth in key sectors.

What is the Good Growth Programme?

The Good Growth Programme is part of a three-year SPF allocation totalling £137m, which is set to conclude in March 2025. The new £47.3m funding allocation must be spent by March 2026, creating a tight deadline for businesses to develop and deliver qualifying projects.

The programme focuses on three priorities:

1. Business Support: Driving investment in distinctive and core sectors.
2. Communities and Place: Enhancing local areas and supporting community-driven growth.
3. People and Skills: Improving access to training and opportunities for residents.

Targeted Sectors for Investment

Cornwall Council is focusing this funding on businesses that harness the region’s strengths. The targeted sectors include:

• Critical Minerals: Supporting sustainable extraction and processing in Cornwall.
• Renewable Energy: Driving innovations in floating offshore wind (FLOW), deep geothermal, and biomethane capture.
• Data, Space, and Aerospace: Leveraging Cornwall’s physical, digital, and intellectual assets to tackle local and global challenges.
• Marine: Exploring emerging FLOW opportunities and advancing decarbonisation in shipping and related activities.

Projects in core sectors, such as the visitor economy, agrifood, and creative industries (particularly those with a focus on digital and tech), will also be considered.

What Are the Funding Criteria?

Eligible businesses can apply for a minimum investment of £200,000, but must meet specific requirements:

• Demonstrate the ability to deliver within the Government’s timeframe (by March 2026).
• Provide match funding.
• Obtain necessary planning consents.

The Council aims to support projects that create high-quality, well-paid jobs, contribute to net zero goals, and enhance business performance in the region.

Deadline and Application Process

Councillor Louis Gardner, Cornwall Council’s portfolio holder for economy, explained that time is of the essence for businesses wishing to apply for funding:
“Supporting local businesses is a key pillar of the Good Growth Programme, and we want to use an element of our latest SPF allocation to continue to invest in our distinctive and core sectors.

“If businesses are interested in applying then I would urge them to visit the Good Growth website for more information. There will be a webinar in the Near Year for anyone wanting to find out more and because of the tight timeframes set by government the deadline for applications will be 27th January 2025.”

The Good Growth Programme continues to prioritise communities and place, alongside people and skills, with this funding round focused specifically on business support activities.

Learn More

To find out more, including application criteria and how to register for the webinar, visit the Good Growth Programme website: ciosgoodgrowth.com/year-4-strategic-business-and-enterprise-investment.

Businesses interested in harnessing this opportunity are encouraged to act quickly to meet the stringent deadlines.