Cornwall businesses want £69m from the £30m Kernow fund

Put £30 million on the table and Cornwall’s businesses came back asking for more than twice that. The Kernow Industrial Growth Fund has only just opened, and the bids have already sailed past what there is to hand out.

Businesses across the county have started applying to the fund, and the first round of applications requested more than double the money available.

£348 million of ideas chasing £30 million

Ahead of the first Expression of Interest deadline on 12 June, 50 proposals came in. Together they were worth more than £348 million, and between them they were seeking £69 million from a pot of £30 million.

Cornwall Council says the level of interest shows both the strength of the county’s innovation-led industries and the pipeline of investment-ready projects capable of driving economic growth here.

After assessment, 19 projects have been invited to the next stage of the commissioning process. With demand running well beyond what the fund can cover, the council says the process stays highly competitive.

What the council says

Councillor Tim Dwelly, Cornwall Council Portfolio Holder for Economic Regeneration and Investment, said the response reflected the strength of Cornwall’s distinctive industrial sectors and the part they play in supporting economic growth and innovation.

“It also demonstrates how Government investment can unlock substantial private sector investment, helping ambitious businesses to grow and strengthening Cornwall’s position as a leader in industries such as critical minerals, renewable energy, space and marine innovation,” he said.

Tim added that demand for the fund significantly exceeds the funding available, so the process remains highly competitive, and the council now looks forward to working with the shortlisted businesses to maximise the value and long-term impact of the investment for Cornwall.

What the money is for

The Kernow Industrial Growth Fund launched in May. It is funded by the UK Government and delivered by Cornwall Council.

The programme backs capital investment that speeds up business growth and removes barriers to expansion in Cornwall’s nationally significant sectors of critical minerals, renewable energy, space and marine innovation.

The fund stays open to projects that fit the KIGF Investment Plan, with more chances for businesses to apply in future. Full details are on Cornwall Council’s Kernow Industrial Growth Fund page.