Cornwall has launched a £30m fund to support businesses in the county’s key growth sectors of critical minerals, renewable energy, space and marine innovation.
The Kernow Industrial Growth Fund will focus on projects that can deliver impact by creating jobs, strengthening supply chains and helping Cornwall compete nationally and globally.
Funded by central government and commissioned by Cornwall Council, it aims to unlock investment worth a further £70m, creating around 200 jobs in sectors where the county says it is already making its mark.
Cllr Leigh Frost, leader of Cornwall Council, said: “We’re proud to launch a fund that’s built for Cornwall and built around the sectors where Cornwall’s industrial significance has been recognised.
“This is about backing ambition. We want to work with organisations who are ready to grow, invest and help shape Cornwall’s future economy.”
Cornwall Council will take a commissioning approach against sector development plans to determine investments that will capitalise on economic opportunities and remove barriers to growth.
Cllr Tim Dwelly, portfolio holder for economic regeneration at Cornwall Council, added: “The Kernow Industrial Growth Fund isn’t a traditional funding pot, it is about unlocking bigger investment, backing projects that are ready to move, and helping Cornwall’s most promising sectors grow faster and go further.”
Lord John Hutton, chair of the Cornwall and Isles of Scilly Economic Forum, said the county had a real opportunity to lead in industries that mattered to the UK’s future.
“This fund is about turning that opportunity into action, bringing forward projects that can attract investment, grow businesses and create long-term economic value,” he added
The Economic Forum has informed the development of sector plans that underpin the council’s commissioning approach.
Organisations interested in accessing the fund are encouraged to come forward.
