Marine businesses have another chance to apply for substantial capital growth funding as round three of the Marine Capital Fund has opened for pre-applications.

By completing an online eligibility questionnaire businesses can start the process for potentially securing sizeable grants for expansion. The opportunity, called the Cornwall Marine Capital Fund, has been created after the Falmouth-based Cornwall Marine Network secured a £1.85million share of the Government’s Regional Growth Fund (RGF). As a result, grants worth £50,000 and upwards are now available for marine companies seeking capital investment for projects such as buying new machinery, technology development, the building of new premises and bringing existing buildings back into use.

Several member business have already been successful in receiving sizeable grants. Pasco’s Boatyard at St Just in Roseland received £50,000 to modernise facilities and build an office extension. Chris de Glanville of the boatyard, said: “We have undertaken an extensive programme to renovate buildings and plant launch facilities this year. This was badly needed in order to improve customer service levels and thereby make the business profitable and sustainable going forward. The grant funding we have just received has been vital to this exercise and will both preserve current and create new jobs in this important tourist-oriented industry for the future.”

Mylor Yacht Harbour was also recently awarded £42,000, allowing them to buy a new boat transporter which will cater for larger vessels. Matt Oakes, from the harbour, said: “Accessing the Marine Capital Fund has helped us as a business secure existing jobs and open the way for creating more. We have invested in a new boat transporter which will allow us to handle bigger boats than at present and thus attract new business. Without this funding, the project would not have gone ahead, but with it we are able to grow the business and in turn create local employment.”

CMN’s CEO Paul Wickes said: “This is a rare opportunity for cash to be secured by marine companies that have a vision to expand and employ more staff. Our dedicated business support advisor is available to help companies with their application process.”

To apply for a grant, it’s first necessary to complete an online pre-application survey via: www.surveymonkey.com/r/CMCFRound3. All the details can be found at www.cornwallmarine.net or by emailing the network’s business support advisor at marinecapitalfund@cornwallmarine.net.

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