Local businesses, communities and residents are reaping the benefits of the Cornwall and Isles of Scilly Good Growth programme - one year after its introduction.
The initiative, approved by the government in December 2022, was allocated £137.6 million from an investment plan from the Cornwall Council and the Council of the Isles of Scilly.
A total of 134 projects, collectively valued at £193 million, have been approved for £130.7 million of investment.
These initiatives aim to enhance communities, support businesses and develop skills throughout the region.
Projects span from the improvement of streets and villages, through to multimillion-pound investments in the local economy, such as tech metal mining and offshore renewable energy.
Successful applications were assessed on a set of Good Growth principles.
These key objectives include reducing carbon dioxide emissions, skills advancement, promoting environmental growth, and ensuring more people are earning the Real Living Wage of £12 an hour.
Funding for the Good Growth programme hails predominantly from the government’s £2.6 billion Shared Prosperity Fund (£132 million) with an additional £5.6 million from the Rural Prosperity Fund.
Most of the current funding allocation is now earmarked for approved projects, with grants of £5,000 to £200,000 still available for local businesses and community projects.
The Good Growth programme is managed by Cornwall Council and there is a government deadline, March 2025, for the allocation to be spent.
Louis Gardner, Cornwall Council cabinet portfolio holder for economy, said: "The Good Growth programme is realising the potential of people, places and businesses across Cornwall and Scilly and I’m delighted that we have been able to make such progress."
"The Good Growth Team will now be focusing on assisting those projects already approved to draw down the cash and deliver on their aims to maximise positive outcomes for the benefit of the people of Cornwall."
Though oversubscribed, having received 471 applications for a total of £441.5 million of investment from an initial 1,395 expressions of interest, Mr Gardner assures that the Council aims to build a pipeline of projects for future funding opportunities.
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