Grants boost for Cornish businesses

Grants of between £25,000 and £150,000 are available to small and medium sized businesses, with the first awards expected to be made in April this year.

The fund has been launched after a successful bid to the Government’s Regional Growth Fund (RGF) from Plymouth University.

It is expected to help around 75 businesses in Cornwall, the Isles of Scilly, Devon and Somerset, with the aim to create almost 500 jobs – including 323 directly and a further 166 in the supply chain.

It follows the success of the university’s first growth fund, which was awarded £1 million of RGF funding in August 2011. This has supported 20 South West businesses with an average grant of £46,000 and is on course to create 86 new jobs by March this year – smashing the original target of 50.

Applicants are expected to show how investment will lead to a rapid creation of jobs through a specific project, within a 12 month period.

Funding can pay for a range of things, including capital equipment, software, improving business premises and recruiting skilled staff.

Professor Julian Beer, pro vice-chancellor for regional enterprise at Plymouth University, said: “We know from experience that there is strong demand for funding from growth-minded local businesses in Cornwall and the Isles of Scilly and we look forward to making our first awards and helping to drive economic growth in the region.”

The first stage of applying is an initial expression of interest, which will be assessed. A decision will be made at that point about whether the applicant can progress to a full application.

If invited to do so, applicants will be put in touch with a professional advisor who will provide up to two days of dedicated support to help them hone their bid. A final decision will be based upon this full application once submitted.

Bids will be appraised on a rolling basis until April 2014, when the final awards will be made.

For more information about the fund visit www.gaininbusiness.com