Companies in rural locations across the Heart of the South West area are to receive more than £15.5 million of funding – the highest figure allocated to any area in the country.
This money has been provided by the European Agricultural Fund for Rural Development (EAFRD) to stimulate and growth the economy through rural businesses.
The allocation comes from a fund worth £177 million being divided between the 39 Local Enterprise Partnerships from across the country and will be available from 2015 for five years.
Chris Garcia, Chief Executive of the Heart of the South West LEP commented:
“This allocation, which is the largest to any single LEP in England, is hugely important and reflects that fact that a large proportion of businesses in our area are rural. The funding will help towards building and strengthening the local economy. We are currently developing plans on how the fund will be spent through a detailed strategy. We are working closely with our partners and stakeholders, including the agricultural sector, to ensure this strategy reflects the area’s greatest needs in terms of developing and supporting business and the community.”