The Cornwall Development Company has secured a £450,000 grants from the Rural Business Investment Scheme, to deliver growth grants of up to £25,000 to local agri-food businesses.
The award follows an initial £500,000 granted from the scheme to the CDC in January last year, which has helped leverage £1,430,000 of total investment in farming, food and small rural businesses, within 12 months.
This has resulted in the creation of 30 new jobs in Cornwall, many of which are already in place. Business projects to have been supported by funding include the Cornish Food Box Company’s development of a local food distribution hub in the heart of Truro.
Part financed by the European Agricultural Fund for Rural Development, DEFRA and Cornwall Council, the new funds will specifically target agri-food businesses which are processing or adding value to primary agricultural, horticultural or forestry products.
Businesses classified as a small or medium sized enterprise are eligible to apply and grant rates will vary between £10,000 and £25,000, with funding weighted to support small businesses and supporting up to 40% of total project costs.
Projects must demonstrate proposals that result in business development and growth, including the creation of jobs, increased efficiency, profitability and benefits to the rural economy. The funds must be allocated by June 2014 and successful applicants must be able to complete project investment and claims by December 31.