Rural businesses offered funding lifeline - Business Finance

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19 Nov

Rural businesses offered funding lifeline

Rural businesses across the country are set to benefit from £35 million in government funding to create new jobs, boost tourism, and unlock growth in rural areas.

The government’s Growth Programme provides grants for rural start-ups and businesses to purchase equipment and machinery to grow their business or open opportunities for tourism.

The scheme has already granted £99 million to 546 local businesses across England, creating 3,771 new jobs in rural areas.

In Sheffield, the farmers behind the brand Our Cow Molly secured a grant of more than £160,000 to invest in a new processing unit, which allowed them to produce higher quality fresh milk and ice cream – creating six new jobs.

The North York Moors Railway Trust was also awarded a grant to preserve 50 historic train carriages and steam engines, helping to increase visitor numbers, encourage more overnight stays in the local area and create additional jobs in the community.

Farming minister George Eustice said: “Our dedicated fund for rural businesses has created more than 3,700 jobs and supported a diverse group of businesses, tourism operations and start-ups to unlock their full potential.

“This next round of funding will help more businesses to grow and local areas to prosper – and I would urge any rural enterprise to look into what this scheme could do for them.

“I would also encourage farmers to consider how they might use this funding to branch out and diversify their businesses, making the most of emerging trends and tastes and looking ahead to new opportunities.

“For this funding round of the Growth Programme, the threshold for minimum grants has come down from £35,000 to £20,000, meaning that more small or micro-businesses can be eligible for a grant for their projects.”

Interested parties need to send an Expression of Interest form to the Rural Payments Agency, outlining how they meet the criteria for the scheme – from creating new jobs, increasing business turnover and improving productivity.

If the Rural Payments Agency considers the project to be eligible, applicants will be invited to submit a full application. The deadline for all Expressions of Interest is Sunday 16 February 2020.

V4B Professions helps thousands of businesses in rural communities every year with alternative finance. Based in North Wales we too are a rural business and understand demands faced in the local area.

For businesses who are not eligible for grants or have failed to secure funding from traditional means such as high-street banks, we offer an alternative.

Contact www.v4bprofessions.co.uk for more information or call 01978 668 939 for a free consultation with one of the team.