Rural Island businesses are being invited to apply to the Isle of Wight Rural SME Fund. Launched in April 2024, its primary purpose is to support the Isle of Wight’s rural economy.
It replaces the previous scheme run by Natural Enterprise and the Isle of Wight Local Action Group, which supported the rural economy for many years, creating jobs and supporting businesses on the Isle of Wight.
Grants of between £2,500 to £50,000
A competitive £250,000 programme managed by the Isle of Wight council on behalf of the government’s Rural Prosperity Fund, the fund seeks to support the Isle of Wight’s rural economy by providing grants of between £2,500 to £50,000 to rural small and medium sized businesses that require capital investment with potential for economic growth, leveraging in private sector investment, creating or protecting jobs and assisting the Island’s rural sector.
Applications are sought from businesses that cover the following themes:
- Agricultural enterprises
- Rural tourism
- Local food producers
- Renewable energy projects
- Rural manufacturing companies
- Rural service providers
Lovegrove: Important that applications are received
Robert Lovegrove, Independent chairman of the Isle of Wight Rural Fund Local Action Group said,
“I am delighted the Isle of Wight council have launched their Isle of Wight Rural Fund, providing small grants to support rural businesses on the Island.
“It is now important that applications are received to ensure the Island can maximise the benefit of this grant funding opportunity.”
Jones-Evans: The scheme is very wide ranging
Councillor Julie Jones-Evans, cabinet member for Economy, Regeneration, Culture and Leisure said,
“We are so pleased to be able to launch this capital grant fund, as part of our Shared Prosperity Funding from the government. The scheme is very wide ranging and covers a large part of the Island.
“If you have an idea to grow your business that involves a capital investment, check the guidance and fill in the Expression of Interest form, there is nothing to lose!”
Don’t miss the deadline
The application for a grant from the IOW Rural SME Fund is competitive two-stage process and businesses are advised to apply as early as possible.
The first stage is an Expression of Interest (EOI) Form. If the application satisfies the criteria of the EOI, they will be invited to complete a Full Application Form. A guidance document is available and should be read in full before any application is made.
Applications are open until 31st May. To download the guidance document and EOI Form, visit the website.
News shared by Isle of Wight council press office, in their own words. Ed
