Businesses in Cornwall and the Isles of Scilly are being urged to apply for investment support after the Government confirmed that Cornwall is set to receive a further £47.3m to fund economic development from March next year.

The funding, which comes from the Government’s Shared Prosperity Fund (SPF), is managed by Cornwall Council through the Cornwall and Isles of Scilly Good Growth Programme. It builds on the existing three-year SPF allocation of £137m, which is due to end in March 2025.

Cornwall Council is now inviting businesses from a number of targeted sectors to apply for investment support, with a minimum award of £200,000.

Government rules mean the latest round of funding must be spent by March 2026, which means only projects that can deliver within that timeframe and meet certain other criteria will be considered.

The Council would like to see projects that take advantage of Cornwall and Isles of Scilly’s unique strengths and untapped potential enabling distinctive and core sectors to grow, seize new opportunities, contribute to net zero, and increase high-quality, well-paid jobs. The distinctive sectors being targeted for investment are: 

Critical Minerals: Harnessing sustainable extraction and processing in Cornwall. 

Renewable Energy: Innovations in floating offshore wind (FLOW), deep geothermal, and biomethane capture. 

Data, Space and Aerospace: Exploiting physical, digital, and intellectual assets to address local and global challenges. 

Marine: Including emerging FLOW opportunities and decarbonising shipping and associated activity. 

Projects that improve job quality, earnings, and business performance in core sectors such as Visitor Economy, Agrifood, and Creative industries (with a strong emphasis on digital & tech) will also be considered. 

Because of the tight timeframe, businesses will be expected to meet a number of specific requirements including match funding and planning consents. Deadline for applications is 27th January 2025.