Lichfield District Council’s recent procurement of £200,000 from the Rural England Prosperity Fund presents a substantial opportunity for the growth of the local rural economy. By specifically targeting small rural businesses and farms, the council aims to facilitate the expansion and diversification of these enterprises through the purchase of long-term assets such as buildings and equipment. This strategic investment in infrastructure is designed to propel businesses towards sustainable and low-carbon practices, an increasingly crucial aspect in today’s environmentally conscious market.
The eligibility for this capital-only funding extends to a diverse range of rural organizations, including local councils, educational institutions, charities, and private businesses. Notably, the provision is aimed at smaller entities that often face barriers in accessing funds to scale up their operations. For businesses with fewer than 50 employees, this funding serves as a lifeline, ushering in a potential increase in local employment, productivity, and overall economic vitality.
Councillor Janice Silvester-Hall has been a vocal advocate for this initiative, highlighting the expansive benefits that the funding can engender. Beyond the enhancement of agricultural practices, the council envisions the transformation of farm buildings into vibrant commercial spaces. Prospective projects include the creation of new accommodations, event venues like wedding spaces, pet services, and the essential improvement of infrastructure to mitigate flood risk.
What underscores the significance of this funding is its flexibility and focus on practical, long-term asset development that can pivot the trajectory of rural business growth. By injecting this finance into the rural business ecosystem, Lichfield District Council aims to lay down a solid foundation for a resilient and environmentally friendly economy. These deliberate actions exemplify a broader recognition of the importance of supporting rural areas in their quest to stay competitive in an evolving market landscape.
