The Isle of Wight Rural SME Funding Available

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The Isle of Wight Rural SME Fund – Open for Applications

The Isle of Wight Rural SME Fund is a competitive £150,000 fund managed by Natural Enterprise on behalf of the Solent Local Enterprise Partnership (LEP).

The Isle of Wight has the largest rural sector in the Solent LEP area and the IW Rural SME Fund seeks to support the Island & Solent economy by providing grants to rural small and medium sized businesses (SMEs) with potential for economic growth, leveraging in private sector investment, creating or protecting jobs and assisting the rural sector on the Isle of Wight.

The Isle of Wight Rural SME fund is now open for applications, with funding available to bidders until September 2016 and will support the strongest bids which return best value for money, jobs and leverage in the rural economy and generate sustainable growth.

Grants are available between £2,500 and £10,000 representing up to 50% of project costs. All projects need to create or safeguard jobs to be eligible. Those projects that can create or safeguard a higher number of jobs will be prioritised. Projects must also demonstrate how they will benefit the Isle of Wight’s rural economy.

Project expenditure must be completed by 14 October 2016. Jobs need to be created by 31 December 2017 and sustained for at least 24 months. Expenditure, project completion, and progress against job creation targets must be signed off by an independent accountant before the final payment of grant will be released.  The next deadline for Full Applications is 19 April and the panel sits on 5 May. Further panels will sit in July  & September if there is still funding remaining to allocate.

If you believe you have the potential to grow your business and create or safeguard jobs, but require some extra funding to do so, you may be able to benefit from the fund. Contact Natural Enterprise by emailing bridget.welling@naturalenterprise.co.uk or calling 01983 201562 / 296244

For further information about this funding please click here

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