A new funding opportunity has been made available to rural businesses in Cornwall and the Isles of Scilly, with the Growth Hub announcing the launch of its Rural Business Grants. This initiative aims to support local businesses, particularly in the fields of farming, tourism, leisure, and food and drink production, to diversify and enhance their products, services, or facilities.
The grants offer a minimum value of £2,500 and can go up to a maximum of £200,000. The expected average grant value is set at around £40,000. This funding scheme prioritises activities that include nature recovery investments, enhancements to the existing tourism offer, food and drink processing for non-farmer owned businesses, and projects that contribute to the growth of the local social economy.
It’s important for potential applicants to note that this grant cannot be used to fund wages or salaries, nor can it be applied towards replacing existing goods and services. Successful applicants will be expected to use the grant to achieve positive outcomes such as job creation, the adoption of new or improved products or services, an increase in turnover, or an improvement in productivity.
Eligibility for the grant requires that the business be located in an eligible area of Cornwall & Isles of Scilly and be able to provide at least 50% match funding. Additionally, businesses must be capable of cash-flowing the cost of their project, as the grants will be paid in arrears. Moreover, the grant should contribute to at least one of the Good Growth Principles.
The window for submitting EOIs is brief, with a deadline set for 5pm, Monday 12 February 2024. Given the limited time frame and the potential benefits, rural businesses in the area are encouraged to act quickly to take advantage of this opportunity.
The Growth Hub, beyond this grant, serves as a gateway to various business support programs under the Good Growth program in Cornwall and the Isles of Scilly. It provides businesses with access to information, resources, and other support offers to help them grow and thrive.
Find out more about the grant on the Growth Hub Website
