Tash Baskerville – Operations Manager
14.01.2025
Callout to Cornwall-based businesses who wish to unlock £200,000 for new jobs and productivity.
Cornwall Council have announced a £47.3m allocation from the government’s Shared Prosperity Fund for Cornish businesses as part of the Good Growth Programme. Grant applications are now open for ambitious projects worth a minimum of £200,000. The good news is 100% capital funding is possible for your project in one or more of the following sectors:
- Renewable Energy
- Critical Minerals
- Marine
- Space, Data & Aerospace
- Agri-Food
- Visitor Economy
- Creative Industries (emphasising digital & tech)
The not-so-good news is your project must be spade ready, up-and-running and completed between April 2025 to March 2026, which is a pretty tight timescale. Cornwall Council are looking to invest in projects ideally in the realms of £400k-£500k and need to support the Good Growth objectives including clean & green, business & economy, and equality & inclusive growth.
Time is of the essence, submit your grant application before 5pm on Monday 27 January 2025.
Will my project be be approved?
There isn’t a prescribed criteria as such, but the powers-that-be have stressed how important it is to be innovative and ambitious, and you must demonstrate how the milestones can be delivered imminently.
Do I need an architect?
Whether you are planning to expand your facilities, create cutting-edge workspaces, or develop infrastructure that supports green and sustainable practices, getting us involved is a no-brainer when it comes to getting the most out of your project. Perhaps you have planning permission to increase your floor area to accommodate new machinery for an industrial project, get more bums-on-seats in hospitality, or extend office space for your tech initiative, we are at hand to guide you through and enhance your ideas and see your project through.
What can the Shared Prosperity Fund cover?
Think big! Cornwall Council want to see game-changing projects that will put the county as a forerunner in innovation. There are a few things to consider:
- The minimum application amount is £200,000, with no upper limit
- Projects need to demonstrate value generation and boost productivity plus help to achieve decarbonisation
- They also need to create high-quality jobs and enhance skills & training in the above sectors
- Funds cannot be used to cover business-as-usual or existing projects, your project needs to be completely new
- Grants can cover 100% capital but match funding will be prioritised; ideally 50% will come from another source
A match funding amount of 50% will put your project to the top of the in-tray and it’s pretty safe to say that if a funder says ‘it would be preferred’ you can almost count on it not standing a chance otherwise.
Will there be more funding available?
This fund acts as a ‘transition year’ for wider funding reforms by the new government, which are elusive at the moment but will come to light soon, possibly later in 2025. Perhaps another Levelling Up-style fund is on the cards? On a separate note, Plymouth City Council are also advocating for a South West Peninsula Mayoral Strategic Authority combining the geography of Cornwall, Devon, Plymouth and Torbay to ‘have a strong voice nationally and access additional funding powers’.
An announcement on small business grants is due at the end of January 2025, and community grants in early February. This is probably going to be another round of the Community Capacity Fund for 2025/2026 to match previous years. Check out our previous blog on funding, for what is covered and who can apply.
What do I need to submit my grant application?
At the time of submission, the following needs to be evidenced:
- Business case (if application is over £500,000)
- Match funding secured and evidenced
- 18 months of financial accounts
- Lease agreements/landlord permissions
- Relevant internal organisation approvals
- Capital build projects need to have all relevant consents in place e.g. planning permissions, environment agency consents, etc
- Draft partnership agreements if your organisation is a lead within partners
- Job description for jobs that will be created
- Clear milestones for project activity e.g. tender process, foundations laid, demonstrate float/contingency
A significant factor of the funding is that Cornwall Council will pay in arrears. You therefore need to demonstrate how your cashflow will be able to cover the costs across the year and evidence invoices to receive payments.
What do I do next?
It can be pretty competitive so make sure your application covers all of the above points before submitting. Given the high interest in the fund, it sounds like the Good Growth team are being pretty ruthless; automatic rejection is likely if any of the above evidence is missing from your application. Take a look at the initiation form on the Year 4 Strategic Business and Enterprise Investment page for your best chance at seeing if your project is in line with the requirements. If you are wondering about next steps, or how to get the best out of your project, drop us an email or call to get the ball rolling.
Written by Tash Baskerville
Tash is a keen community leader working on several place shaping projects with local groups and councils. She has a penchant for public realm improvements, gardening and technical death metal, sometimes all at once.
