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The Isle of Wight Rural Fund
The Isle of Wight Rural Fund is a competitive fund managed by Natural Enterprise on behalf of the Solent Local Enterprise Partnership (LEP).
The Isle of Wight Rural Fund seeks to support the 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 fund was launched in January 2016 and was designed to continue the positive work of LEADER, supporting the Isle of Wight rural economy. To date the Solent LEP has allocated a total of £750,000 to the fund for Isle of Wight businesses.
The fourth round of the Isle of Wight Rural SME fund, is a fund of £225,000 available to bidders until March 2019. However, if funds are exhausted prior to this the fund may close prior to this date so applicants are urged to register their interest as soon as possible.
Grants are generally available for capital expenditure between £2,500 and £50,000.
Grants must be matched with private funds (at least 50% of total costs)
All projects need to create and / or safeguard jobs to be eligible.
Those projects creating a higher number of jobs will be prioritised.
Projects must also demonstrate how they will benefit the Isle of Wight’s rural economy.
Successful business applicants will need to complete their projects and claim the final instalment of their allocated grant as soon as possible but not later than 30 September 2019 and create the agreed jobs, by 31 December 2020.
If you believe you have the potential to grow your business or safeguard jobs, but require some extra funding to do so, you may be able to benefit from the fund – for more information and an Expression of Interest Form please email emma.bloomfield@naturalenterprise.co.uk or call us on 01983 201562.
If your project requirement is for over £50,000 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*.
*NB Natural Enterprise do not recommend any one particular business or individual and seeking Business Support is not a funding requirement.
