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Sally Blowey, Stags Senior Surveyor, outlines what we know so far about the new Rural England Prosperity Fund.
Announced on the 3rd September, the Rural England Prosperity Fund will provide up to £110 million of funding to rural communities across England to boost productivity and create rural job opportunities from April 2023 to March 2025.
Examples of suitable projects include converting farm buildings to other business uses, investing in visitor accommodation and capital grants to restore heritage assets. Funds must be spent on lasting assets such as buildings and equipment for business or community purposes.
Secretary of State for Levelling Up, Greg Clark MP said:
“This major investment in rural businesses will help us boost the countryside economy and close the rural productivity gap. It’s our mission to spread opportunity across the whole of the UK and this funding will help us do just that.”
The grant will be delivered by eligible local authorities, giving them a chance to deliver the grant in line with local priorities, with a focus on the needs of their communities. Local authorities are currently being invited to apply to DEFRA with information on how they will deliver their allocation.
With over £6 million allocated to the authorities across Devon, £5.5 million to Cornwall and Isles of Scilly and £4 million to Somerset, businesses in the rural communities of the South West have a good opportunity to access these funds.
For more information on this grant and others currently available, please contact your local Stags Professional Services team on 01884 235701 to discuss your ideas and any suitable grant funding.