A £3.1 million grant fund to help SMEs in Cornwall to boost their productivity has been extended for another nine months.
BIG (Business Investment for Growth) Productivity offers grants from £2.5k to £50k to qualifying businesses and can meet up to 45% of project costs for small businesses, and up to 35% for medium-sized businesses.
It had been due to finish next month but has been extended in recognition of the impacts that the Covid pandemic has had on businesses, including supply chain issues. The fund has around £600k still available to support businesses in Cornwall.
BIG Productivity programme manager, Lyn Newby, said: “We’ve seen businesses with good projects having to put them on the back burner because of covid-related issues, especially when it comes to supply chain problems and a shortage of components.
“We successfully applied to our funders for a project extension and that means we will continue to March 2023.”
BIG Productivity is supported by the European Regional Development Fund as part of the Cornwall and Isles of Scilly Growth Programme, and is delivered by Cornwall Council. It was formally launched in January 2020 and since then has engaged with more than 220 Cornish businesses in a range of sectors.