The Growth & Skills Hub is launching a £1,245,000 grant scheme targeting businesses who want to increase productivity and create employment through green and inclusive growth.

The grants are funded by the UK Shared Prosperity Fund as part of the Cornwall and Isles of Scilly Good Growth Programme. The aim is to realise the potential of businesses in the region and to make the economy more resilient, more equal and more prosperous.

They target businesses that have the ambition and capacity to grow and improve their productivity while also delivering improvements in environmental sustainability and social responsibility.

The funding is available to all businesses in Cornwall and the Isles of Scilly with growth ambitions, who can complete their project by June 30, with specific grants focussed on:

  • Manufacturing companies looking to adopt industrial digital technology solutions
  • Businesses and organisations within the social economy including community businesses
  • Businesses looking to grow their overseas trade
  • Businesses and organisations looking to deliver feasibility studies for larger projects
  • Businesses who need to carry out research or commercialise their ideas
  • Businesses looking to develop new products and services
  • Businesses wishing to develop digital and physical innovation infrastructure or access specialist resources

Cllr Louis Gardner, Cornwall Council portfolio holder for economy, said: “One of the aims of the Good Growth Fund is to strengthen our economic future, increase trade and investment, and inspire green and socially responsible enterprise. These grants are available to all businesses and to help unlock economic prosperity in every sector, whilst also contributing to our vision to be carbon neutral by 2030.”

Grants are available from £3k, the maximum value depending on the pot applied for, and the average award expected to be around £25k. Businesses will need to provide a minimum of 50% match funding for their project and be able to meet the costs upfront as the grants must be claimed once the project is completed. Successful applicants will also need to demonstrate how their projects are contributing to the Good Growth Principles set out within the wider investment programme, which include environmental and inclusivity priorities.

The first round of applications will be open until 5pm on Friday February 24 and subsequent rounds will be subject to funding. For more details, click here.