Businesses and organisations in Somerset are being encouraged to find out if they are eligible for capital funding grants aimed at supporting businesses and community infrastructure in rural areas.
The funding is available following Somerset Council’s successful £3.4 million submission into Government’s Rural England Prosperity Fund (REPF).
This first call for applications is seeking to allocate a total of £850,000 to eligible capital infrastructure projects. These projects must be delivered – and grant funding spent – by the end of March 2024. Grants can be between £5,000 and £100,000 and match-funding contributions are required.
The REPF has very specific criteria set by Government. Therefore, Somerset Council’s Economic Development team is urging businesses and organisations to carefully check eligibility on their website: Funding and grants for business
Paul Hickson, Service Director – Economy, Employment and Planning at Somerset Council, commented:
This is a really positive announcement for rural businesses and communities. Rural areas often face specific challenges and this fund will enable important investment to support rural development and prosperity. Capital grants are available to support investment in business start-up, innovation and growth as well as community infrastructure.
The allocation of funding is aligned to our Council Plan and will address our priorities of building towards an increasingly flourishing and resilient county whilst also making Somerset greener and more sustainable.
To discuss a potential project applicants should email REPF@somerset.gov.uk in the first instance. A further £2,5 million call for proposals for capital project activity and expenditure in the 24/25 financial year is expected later in the year.