A £1.8million investment plan from East Devon District Council has been conditionally approved by ‘ Levelling Up’ secretary Michael Gove.
The money is to support the transition to a net zero economy, business development and to provide new skills and training opportunities.
The money, which is designed to replace structural payments to the area from the European Union, will be made in three annual instalments.
Funding over the first year (2022/23) will be set at £218,005, for the second (2023/24) £436,011 while funding for year three (2024/25) is expected to be £1,142,347, subject to terms and conditions.
The money will be drawn from 12 funding pots and support programmes for East Devon, including one for local business, as well as a sustainable tourism fund and an employment support initiative.
Cllr Paul Hayward, East Devon District Council’s portfolio holder for economy and assets, said approval of the plans was “fantastic news” for the area.
He added: “We had expected confirmation of the funds in October. This means we will need to work very quickly to allocate year one funding before March 31 2023.
“We will be calling for grant applications from East Devon businesses for a new round of the innovation and resilience fund and a new culture, leisure and tourism Fund. Full details of the criteria for grants will be made available as soon as possible.”
Read next:
- Mining firm Tungsten West boosts ore and mineral reserves at Plymouth mine
- Devon’s Burgh Island Hotel set for major upgrade as plans approved
- Tyneside wealth manager Fairstone snaps up Devon business Sabre Financial
- US logistics giant opens warehouse at Devon business park
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
