£10m of European funding available to develop workspace

Up to £10m has been made available through the Cornwall and Isles of Scilly Growth Programme to develop additional workspace to support small and medium sized business growth in Cornwall and the Isles of Scilly.

Low commercial property values and high development costs have for many years made commercial property development unviable in all but a few prime locations. As a result, many businesses are located in outdated accommodation, often not suiting their requirements or their aspirations.

Research has shown that a lack of space impacts upon the ability of businesses to expand. Although investment through previous European funding programmes has helped to address this issue through the provision of high quality, modern, well located workspace, it remains an important objective if Cornwall and the Isles of Scilly is to attract, retain and grow ambitious high value businesses.

Applications for funding will be assessed every six months on a rolling basis for the next eighteen months, or until all the available funding has been allocated.

ITI Board member Sandra Rothwell said: “The lack of quality grow-on space is often raised as a real issue by local businesses so this funding is a direct response to that. It aims to plug the investment gap when developing new workspace and create a pipeline of quality schemes to help businesses grow.”

Any organisation interested in this funding opportunity can find full details of how to apply and the specific funding requirements at:

https://www.gov.uk/european-structural-investment-funds/sme-support-call-in-cornwall-and-the-isles-of-scilly-rolling-call-oc05r16p-0340

Cornwall Development Company can provide support for applicants who are interested in applying (contact: Gareth Beer, 01872 324905).

ENDS

Editor’s notes 

The Cornwall and Isles of Scilly Growth Programme is part of the England Growth Programme, which will run from 2014-2020.  Cornwall and the Isles of Scilly is the only area in England to qualify as a ‘Less Developed’ region and has an allocation of €603.7million which is split as follows:

European Regional Development Fund (ERDF) €438 million

European Social Fund (ESF) €166 million    

The European Agricultural Fund for Rural Development (EAFRD) has an allocation of £10 million in Cornwall and Isles of Scilly, aligned with the wider England Growth Programme.

Details of all Growth Programme calls can be found at https://www.gov.uk/european-structural-investment-funds?keywords=&location%5B%5D=south-west

Contact:

Louise Danks

ldanks@cornwall.gov.uk

07815 002271

Cornwall and Isles of Scilly ITI Support Team

Cornwall Council,

Floor 5, Zone A
Pydar House, Pydar Street, Truro, Cornwall, TR1 1XU

Email us at: growthprogramme@cornwall.gov.uk

Visit us at: Cornwall & Isles of Scilly Growth Programme

Follow us: @GrowthProgramme


Monday 25 April 2016