Rural Island Businesses Invited To Apply For Grants Of Up To £50,000

Rural Island businesses are being invited to apply to the Isle of Wight Rural SME Fund.

Launched in April 2024, its primary purpose is to support the Isle of Wight's rural economy.

It replaces the previous scheme run by Natural Enterprise and the Isle of Wight Local Action Group, which supported the rural economy for many years, creating jobs and supporting businesses on the Isle of Wight.

A competitive £250,000 programme managed by the Isle of Wight Council on behalf of the government’s Rural Prosperity Fund, the fund seeks to support the Isle of Wight’s rural economy.

It does this by providing grants of between £2,500 to £50,000 to rural small and medium sized businesses that require capital investment with potential for economic growth, leveraging in private sector investment, creating or protecting jobs and assisting the Island’s rural sector.

Applications are sought from businesses that cover the following themes:

• Agricultural enterprises
• Rural tourism
• Local food producers
• Renewable energy projects
• Rural manufacturing companies
• Rural service providers

Robert Lovegrove, Independent chairman of the Isle of Wight Rural Fund Local Action Group said:

“I am delighted the Isle of Wight Council has launched the Isle of Wight Rural Fund, providing small grants to support rural businesses on the Island.

“It is now important that applications are received to ensure the Island can maximise the benefit of this grant funding opportunity.”

The application for a grant from the IOW Rural SME Fund is competitive two-stage process and businesses are advised to apply as early as possible.

The first stage is an Expression of Interest (EOI) Form.

If the application satisfies the criteria of the EOI, they will be invited to complete a Full Application Form.

A guidance document is available and should be read in full before any application is made. 

Applications are open until 31 May.

To download the guidance document and EOI Form, click here.