The Rural England Prosperity Fund (REPF) is a new grant scheme for rural businesses and communities which will be aimed at encouraging the development of new products and facilities to benefit the local economy. This includes farm businesses looking to diversify income streams.
These grant funding opportunities follow on from similar schemes such as LEADER and the Growth Programme which were part of the EU-funded raft of initiatives. Nationally, up to £110 million will be spent from 2023 through to 2025. Rather than the REPF scheme being operated from central government, the money has been allocated to local authorities who are now beginning to invite business owners to submit their bids for funding.
The confirmed allocations for REPF funding are spread across the country, with £3m for Cambridgeshire and Peterborough, £813,487 for Uttlesford and £753,701 for West Suffolk, amongst others. Uttlesford District Council are one of the first in the East region to launch their scheme and are now inviting applicants.
Katie Hilton, Director, Cheffins Rural Professionals gives the background on what this means for farmers locally:
“Uttlesford District Council is seeking to prioritise projects that develop the visitor economy, diversify farming activities and create new rural business units. Businesses will be able to apply for up to 40 per cent of eligible project costs on capital grants of between £5,000 and £150,000.
There appears to be a particular drive to encourage farm diversification enterprises and the use of redundant farm buildings to help increase the numbers of commercial premises in the area.
In addition to considering how their projects would deliver economic benefits and value for money, prospective applicants will also need to think about whether they can deliver new employment, adding to social benefits, or design their projects to contribute to the UK’s net zero strategy.
Other local authorities are expected to follow a similar line although it will be important to look at the key investment priorities for your own area before preparing a funding application. And it is important for farmers to make sure the outcomes they expect to deliver from any project are closely matched to the strategic objectives given by a particular local authority, to make sure it stands the best chance of winning approval.”
Local authorities will continue to invite REPF applications on a rolling basis until grant funding is used up, so early take up is advised. The significant funding on offer of up to 40 per cent of project costs makes this a valuable opportunity for farmers to tap into.
For further information, contact Katie Hilton at Cheffins Rural Professionals on katie.hilton@cheffins.co.uk , 01223 271959