Funding for marine businesses


Marine businesses have another chance to apply for substantial capital growth funding as Round 3 of the Marine Capital Fund opens for pre-applications.

By completing a simple online eligibility questionnaire, you can start the process for potentially securing sizeable grants for business expansion.

The opportunity, called the Cornwall Marine Capital Fund, has been created after Cornwall Marine Network (CMN) secured a £1.85 million share of the Government’s Regional Growth Fund (RGF).

Mylor Yacht Harbour
Mylor Yacht Harbour

As a result, grants worth around £50k and upwards are now available for marine companies seeking capital investment for projects such as purchasing new machinery, technology development, the building of new premises and bringing existing buildings back into use.

Mylor Yacht Harbour was recently awarded £42k, allowing them to purchase a new boat transporter that will cater for larger vessels.

Matt Oakes, from the harbour, said: “Accessing the Marine Capital Fund has helped us as a business secure existing jobs and open the way for creating more.

“We have invested in a new boat transporter which will allow us to handle bigger boats than at present and thus attract new business. Without this funding, the project would not have gone ahead, but with it we are able to grow the business and in turn create local employment.”

To apply for a grant, it’s first necessary to complete an online pre-application survey. The final deadline is July 31.

CMN’s CEO Paul Wickes said: “This is a rare opportunity for cash to be secured by marine companies that have a vision to expand and employ more staff. Our dedicated business support advisor is available to help companies with their application process.”