FUNDING SCHEME FOR BUSINESSES TO LAUNCH IN THE NEXT MONTH
Local businesses and budding entrepreneurs are encouraged to get in touch with the new Isles of Scilly Voucher Scheme ahead of its official launch later this month.
The scheme, originated by the European Regional Development Fund, offers financial support to local businesses from £1,000 to a maximum £100,000 per project.
Individual businesses are not limited to one project but the nature of each project must be different. You could not, for example, redevelop premises and separate the top floor redevelopment from the ground floor as different projects.
It is similar in practice to the Local Action Group scheme of a few years ago – basically it’s match funding by way of a grant. The council might not be able to put it into those words but that’s exactly what it is.
One difference between the LAG and the Voucher Scheme is the intervention rate' i.e. the percentage of match funding available, which is between 35% and 70% depending on the nature of the purchase rather than the project.
This means that one part of a project could be funded at 40% while another part of the same project could be funded at 60%, for example.
More information, including a list of what can and what can't be funded, is available from the council website and Voucher Scheme Manager Amy Hiron welcomes enquiries now.