This new scheme will provide funding for rural businesses towards the purchase of capital items such as equipment or software that will help to create jobs or introduce new technologies or processes with a focus on net zero.
The scheme is for small and micro businesses, with up to 50 employees with a turnover of less than £10m.
There are three key Investment Priorities, as follows:
- capital grant funding for small-scale investment in micro and small enterprises in rural areas. This strand covers capital funding for net zero infrastructure for rural businesses and diversification of farm businesses outside of agriculture.
- capital grant funding for community businesses and social enterprises to grow the local social economy and support innovation
- capital grant funding for developing and promoting the visitor economy.
The minimum award for a grant is £2,500 up to a maximum of £25,000. There will be a requirement for all applicants to be able to provide match funding of 20-30% dependent upon the value of the items.
The Rural England Prosperity Fund grants are funded by both North Devon Council and Torridge District Council and complement the wider UK Shared Prosperity Fund.
Focus of fund/fund aims:
Capital grants for rural businesses in North Devon and Torridge
Application deadline:
Please refer to the website for application timetables
Fund description:
https://northdevonplus.co.uk/our-services/rural-england-prosperity-fund-repf-grant-programme/