Councils announce new raft of business grants
Businesses in Babergh and Mid Suffolk are set to benefit from a new round of funding thanks to the Rural England Prosperity Fund (REPF).
The REPF, which was announced at the end of 2022, is a capital grants scheme with the aim of helping improve productivity and strengthen the rural economy and rural communities.
Of the £110m fund, Babergh District Council was allocated £621,369 and Mid Suffolk District Council was allocated £821,658 over the next two years.
A total of £998,027 of this total allocation has been set aside to deliver this grant scheme across both councils.
Small businesses and community organisations across the districts will have access to three grants under the fund: the Rural Business Growth Fund, the Rural Culture & Creativity Fund and the Rural Communities Fund.
Grants are available between £5,000 - £10,000 per application and will fund a maximum of 50% of total project costs up to the maximum value of £10,000.
Eligible projects include net-zero developments, agriculture and farm diversification, visitor economy business expansion as well as SME investment and diversification or investment in community facilities in our rural areas.
Councillor Teresa Davis, cabinet member for thriving towns and rural communities at Mid Suffolk District Council, said:
These grants are a good way for our rural businesses, community and cultural organisations to access funding.
Whether they are looking to make energy efficiency improvements or expand their provision, there are many ways for our organisations to utilise these funds and I would encourage them to apply.”
Councillor Derek Davis, cabinet member for economic development at Babergh District Council, said:
I am really pleased that we’ve been able to launch this next set of grants for our rural businesses in Babergh.
Funding is limited and applications are reviewed on a first come, first served basis and I urge those interested in the scheme to check their eligibility and put their application in.”
Businesses can check their eligibility before applying by emailing: BMSDCeconomicdevelopment@baberghmidsuffolk.gov.uk
For a summary of the fund please see: UK Shared Prosperity Fund – BMSDC