BUSINESSES in Cornwall and the Isles of Scilly are being urged to apply for investment support after the government confirmed that the county is set to receive a further £47.3-m to fund economic development from March next year.

The funding, which comes from the Government’s Shared Prosperity Fund (SPF), is managed by Cornwall Council through the Cornwall and Isles of Scilly Good Growth Programme. It builds on the existing three-year SPF allocation of £137-m, which is due to end in March 2025.

Cornwall Council is now inviting businesses from a number of targeted sectors to apply for investment support, with a minimum award of £200,000.

Government rules mean the latest round of funding must be spent by March 2026, which means only projects that can deliver within that timeframe and meet certain other criteria will be considered.

The Council would like to see projects that take advantage of Cornwall and Isles of Scilly’s unique strengths and untapped potential enabling distinctive and core sectors to grow, seize new opportunities, contribute to net zero, and increase high-quality, well-paid jobs.

The distinctive sectors being targeted for investment are: 

  • Critical Minerals: Harnessing sustainable extraction and processing in Cornwall. 
  • Renewable Energy: Innovations in floating offshore wind (FLOW), deep geothermal, and biomethane capture. 
  • Data, Space and Aerospace: Exploiting physical, digital, and intellectual assets to address local and global challenges. 
  • Marine: Including emerging FLOW opportunities and decarbonising shipping and associated activity. 

Projects that improve job quality, earnings, and business performance in core sectors such as Visitor Economy, Agrifood, and Creative industries (with a strong emphasis on digital and technology) will also be considered. 

Because of the tight timeframe, businesses will be expected to meet a number of specific requirements including match funding and planning consents.

Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “Supporting local businesses is a key pillar of the Good Growth Programme and we want to use an element of our latest SPF allocation to continue to invest in our distinctive and core sectors.

“If businesses are interested in applying then I would urge them to visit the Good Growth website for more information. There will be a webinar in the Near Year for anyone wanting to find out more and because of the tight timeframes set by government the deadline for applications will be January 27 2025.”

Cllr Gardner stressed that the Good Growth Programme would continue to invest in wider business support activity, alongside the programme’s two other priorities of communities and place, and people and skills.

To find out more, including application criteria and how to register for the webinar, visit the Good Growth Programme website.