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Good Growth grants launched to help businesses increase productivity and create employment

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 whilst 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 30 June 2023, with specific grants focussed on:

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 £3,000, the maximum value depending on the pot applied for, and the average award expected to be around £25,000.  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.

Cllr Steve Sims, Lead Member for Economy, Tourism & Transport, Council of the Isles of Scilly said: “I encourage anyone who would like to grow their business to have a look at the criteria on the Growth & Skills Hub website and get in touch with the team to discuss eligibility. Don’t be daunted by the wording in the eligibility criteria, I know for a small business buzz words like “digital” and “feasibility studies” can make you think this is not for us. This is about growth and if you have any ideas to grow your business then this is for you, whether you’re delivering a huge ICT program or a sole trader. So please ask, there is a lot of support available to those wishing to apply and this is an excellent opportunity to bring further investment to the local economy to achieve more productive and sustainable practices which benefit us all.”

The first round of applications will be open until 5pm on Friday 24 February 2023 and subsequent rounds will be subject to funding.

Visit the Growth & Skills Hub website to find out more about the grants.  

Businesses are encouraged to review the grant information to decide if the funding is right for them.  Potential applicants can access support through the Growth & Skills Hub team, to help them understand the application process. 

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