The Council of the Isles of Scilly has successfully secured an additional £1.3 million of European Regional Development Fund (ERDF) funding to extend the Isles of Scilly Voucher Scheme until December 2021. These funds will provide the opportunity for local businesses and start-ups to receive match funded investment to enable them to accelerate growth, create positive step changes and drive revenue.
Welcoming the news, the Council’s Lead Member for Place, Cllr Steve Sims, commented: “we are grateful for the support of the Ministry for Housing, Communities and Local Government in securing these funds and excited for the opportunities the funds will provide local businesses”.
The Council’s Senior Manager for Strategic Development, Nicola Stinson, said: “this fund will provide local businesses with the additional support necessary to overcome the local barriers to growth arising from our geographically challenging location”.
Programme Manager, Milena Fallows, said: ‘We are extremely pleased to be able to continue the Voucher Scheme for another 3 years. The first funding round successfully supported nearly 50 businesses and it is extremely satisfying to see these projects come to fruition and have such a positive impact on the economic future of the islands. We look forward to investing in the future success of many more island businesses over the next two and a half years and welcome all interest in the scheme.”
The Voucher Scheme, which started in 2016, has so far benefitted from a £1.36 million of investment from the ERDF and with additional contributions from the companies involved, has generated an overall investment to the island economy upwards of £2.2 million.
Under this new round of funding, the IOS Voucher Scheme aims to support 55 businesses and create 22 jobs by 2021. Applications are now being accepted for new projects across the Isles of Scilly. For more information, visit: www.iosvoucherscheme.co.uk.
European Regional Development Fund
The project is receiving up to £1,327,226 of funding from the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for ERDF. Established by the European Union, ERDF funds help local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit: https://www.gov.uk/european-growth-funding.