Partner Article

Rural LEP receives £2.9m cash injection

Rural businesses in the South West will benefit from a £2.9m investment into the local economy.

The Heart of the South West Local Enterprise Partnership (HoSWLEP) said it hopes to boost its local economy by £40m as a result of the cash injection, which has been contributed by the Rural Growth Network (RGN) and approved by the Department for Environment, Food and Rural Affairs (Defra).

Defra announced that funds will be distributed throughout Devon and Somerset, with £1m on projects in Devon that will create around 686 new jobs and generate £39m within the economy.

Recipients of the Devon fund will include the Opportunity Okehampton project, which will gain £150,000 for growth and expansion, and the Holsworthy Agricultural Business Centre, which will receive £400,000 to develop land and infrastructure.

Bicton College (EaRTH Centre), will also gain a £300,000 investment for a new business workspace, while Dartington will receive £150,000 for the renovation of Webber’s Yard to a rural business park.

Somerset, it was decided, will also receive £1m to create a network of enterprise centres, which will support the small business community within the county.

A new enterprise hub will be developed at the Isleport Business Park in Highbridge, in addition to existing centres at Frome, Minehead, Dulverton and Wheddon Cross and future developments in other parts of the county.

Revenue projects across Devon and Somerset will receive excess funds after these projects have been allocated their investments, which will be announced by the LEP in coming months.

Tim Jones, Chair of HotSW said: “This funding is a vital lifeline for our rural communities and economy. It represents a major commitment to achieve growth throughout Devon & Somerset and is designed to reach the most remote rural communities.

“It is vital that we enhance the enormous potential of our many rural enterprises and encourage the growth of new rural businesses.

“Improving our business productivity, supporting business growth, protecting existing employment and creating new jobs will all be assisted through this programme.

“We are determined to ensure that the interests of the rural economy are fully supported through our initiatives.”

HoSWLEP is one of five LEPs to receive a cash boost from RGN, which hopes to stimulate business growth in the UK’s agricultural areas, as part of a larger support package set up by the LEP that offers advice to rural enterprises.

Will Mumford, LEP board member and Devon county councillor, commented: “This is a fantastic investment for rural Devon and Somerset – the money will help businesses overcome barriers and create new job opportunities.

“Rural areas are vital to the economy of both Devon and Somerset and it’s important that we invest funding effectively to ensure economic growth.”

This was posted in Bdaily's Members' News section by Miranda Dobson .