North Devon and Torridge businesses risk losing £798,000 in unclaimed government grants

Thousands of pounds to help small rural businesses in North Devon and Torridge diversify or install carbon reduction measures could be returned to the government if not spent by next March.

Some £798,000 of more than £2 million allocated in 2023 was part of the levelling up agenda for rural investment over a two-year period.

But with only a fraction of the fund claimed last year, North Devon councillor Robin Milton (Ind, Bishops Nympton) is urging businesses to submit applications before the deadline this November.

“The level of spend last year was abysmal, but it wasn’t well promoted. It’s now on the home page of North Devon Council’s website so I am hoping we get more applications.”

The money is being administered by North Devon +, an economic delivery partner for both councils. 

Grants range from £2,500 to £35,000.

Small and micro businesses with up to 50 employees and a turnover of less than £10 million and social enterprises are eligible.

The money can be used to buy equipment or software that will help them to create jobs or introduce new technologies or processes with a focus on net zero.

Applicants will be required to provide match funding of 10-20 percent, depending on the size of the grant.

Cllr Milton added: “There is around £600,000 left in the fund that needs to be spent by the early part of 2025. It’s a decent intervention of around 80 per cent to projects which can really help farmers and small rural businesses. It’s a substantial fortune for this area, I would hate to see that money go back to the government.

“Time is ticking away to get a project in place by the deadline so I would urge people to get cracking.”

There are three key priorities for funding:

• Small scale in micro and small enterprises in rural areas focused on funding for net zero infrastructure, and diversification of farm businesses outside of agriculture.
• Growing the local social economy and supporting innovation. This call is only for community businesses and social enterprises.
• Developing and promoting the visitor economy.