East Suffolk Council
Capital grant funding boost for rural communities in East Suffolk
Small businesses and community groups can access between £15,000 and £30,000 of new capital grant scheme funding aimed at improving the lives in rural East Suffolk.
The funding has been made available through East Suffolk Council as part of a £110million Government initiative launched to complement the UK Shared Prosperity Fund.
The Rural England Prosperity Fund (REPF) was established with the aim of boosting productivity and strengthening the rural economy and communities.
More about the Rural England Prosperity Fund
Under the REPF, East Suffolk Council will provide two new capital grant schemes to small businesses and community infrastructure organisations in rural areas of the district.
Capital grants of between £15,000 and £30,000 will be available, per application, under the Rural Business Investment Fund and Rural Business and Community Hub Fund.
Both funds are available to micro, small and medium sized businesses or organisations located within the geographical area of East Suffolk (see grant guidance for details of any geographical exclusions).
Capital grants do not include cash funding and cannot be used to purchase a property, but instead comprise assets of monetary value, such as equipment, real estate and inventory.
East Suffolk Council has been allocated £1.129m of REPF funding to be delivered over the next two years.
The Rural Business Investment Fund is live now and only open to businesses, while the Rural Business and Community Hub Fund will go live soon and be open to community groups when it is open.
The main objectives for the Rural Business Investment Fund include:
• Growing the local social economy and supporting innovation
• Providing capital funding for net zero infrastructure for rural businesses
• Diversification of farm businesses outside agriculture to encourage start-up, expansion or scale-up involving converting farm buildings into other commercial or business uses
Applications should meet at least one of the three main priorities of net zero, small and medium-sized enterprise investments and diversification, and agriculture and farm diversification.
Paul Wood, Head of Economic Development and Regeneration, said: “Through taking an evidence-based approach and widespread consultation, we were able to identify opportunities and shape our priorities for REPF funding.
“We are particularly keen to receive applications that take a holistic approach and address multiple priorities, where possible, within their submitted project.”