The Isle of Wight Rural SME Fund is a competitive £300,000 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 open for applications, with funding available to bidders until February 2017 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 £25,000 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 1 September 2017. Jobs need to be created by 31 December 2018 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.
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.
If your project requirement is for over £25,000 you may be eligible for other funding. Natural Enterprise and other organisations offering business support are able to advise rural businesses on other potential funding sources. If you require information on how to find local business support please contact us for a list or see our Other Help Available*.
A Beginners Guide and Technical Guidance can be downloaded, along with an Expression of Interest form, Expression of Interest but for an electronic version to complete and to find out more about the IW Rural SME Fund please email firstname.lastname@example.org or call us on 01983 201562.
*NB Natural Enterprise do not recommend any one particular business or individual and seeking Business Support is not a funding requirement.