Economic Development in Penzance

Sources of Funding

The location and economic problems of the District make the area eligible for receipt of funds from all major funding organisations, both UK and European. However, the area is also able to attract assistance from smaller European initiatives such as LEADER (rural tourism and farm diversification) and PESCA (fishing diversification and measures to enhance fishing effort).

The whole of the District was classed as a Development Area by the Government Office for the South West which enables assistance to be given to business in the area including offers of grant aid under the Regional Selective Assistance Scheme, Regional Enterprise Grant, innovation grants and the SMART programme. The latter being by competition. With the exception of Penzance town centre, the whole of the District is also designated a Rural Development Area although this may change in the near future due to the recent establishment of the South West of England Regional Development Agency. The County has recently been granted Objective 1 status and work is underway to prepare a bid for submission for funding. If the bid is successful financial assistance will be available under the following five priorities:

  • Developing People
  • SME (Small/Medium Enterprise) Competitiveness
  • Rural and Community Development
  • Business Development Opportunities
  • Regional distinctiveness

Further information regarding funding sources can be obtained from:

Director of Development Services
Cornwall Development Company
Cornwall Council
Telephone: 01209-611115