Town deal funding awarded to local firms
BUSINESSES in a Cornish town are set to benefit from vital support under the newly-announced first round of Town Deal funding.
The enterprise funds unlocked under the Penzance Town Deal will help a broad range of businesses in the community, say organisers.
The Round 1 funds, which had a focus on high street vitality and aim to foster economic growth, have been awarded to several enterprises through a rigorous selection process.
Town Deal Enterprise Grants support local businesses, providing capital grants to encourage both business start-ups and growth. This development aims to provide new opportunities and jobs and mark a significant investment in the local economy.
The initiative is part of a broader strategy to revitalize and enhance the economic landscape of Penzance.
Selected businesses include (but are not limited to) retail, hospitality, technology, and creative enterprises. Each recipient, say organisers, has shown a commitment to the growth and development of the local economy and enhancing their business in Penzance. Among the first wave of businesses granted their investment are:
Buttons & Bows: Awarded £2,734 to improve premises, provide a better service to the town and outlying villages, and buy equipment to improve business efficiency.
Fishboy PZ: £7,047.75 to improve the look of the premises and overall streetscape.
Barbican Bistro: £23,043.23 to create a bar area within the restaurant, opening to the public an area previously used for storage, adding extra seating and making the most of the sea views of The Barbican Building. The family owned restaurant is building its reputation for small plates menus and locally sourced, seasonal ingredients.
Honey Pot café: £49,400 to renovate the building and redesign the kitchen/restaurant. This will allow growth in the business and the creation of flexible spaces to use used for events and workshops.
Emily Nixon Jewellery: £249,980 to renovate the derelict Union Club on Morrab Road for new premises in a move from Hayle, with another business being based on the ground floor. With workshops and offices, alongside a show room, this grant has allowed two popular and wellestablished business to move into
Penzance, breathing new life into an empty building.
Sarah Shaw of the Penzance Town Fund, said: “We are delighted to see the Enterprise Funds being allocated to such deserving businesses that are integral to the fabric of Penzance. “These grants represent a crucial investment in our community’s future, fostering a resilient and vibrant local economy.”
The Enterprise Grant scheme is one of seven projects to be funded by the Government as part of the £21.5 million Town Deal Fund for Penzance and Newlyn.
Cornwall Council is the accountable body for the Town Deal programme in the county and the delivery of the Enterprise Grants is administered through the council’s Economy and Skills Service. Louis Gardner, Cornwall Council cabinet portfolio holder for economy, said:
“The Town Deal is about supporting communities to make decisions about their future which boost the local economy, jobs and opportunities for residents.” She added: “It’s enabling a wide range of businesses to realise their ambitions, and this can only be a positive for Penzance.”
The Enterprise Grants form part of the broader Penzance Town Deal, a government-led initiative aimed at empowering towns like Penzance to realize their economic potential.
The funding reflects a collaboration between local authorities, businesses, and the community to create a thriving and sustainable future.
Cornwall is the only area invited by the Government to submit proposals for four of its towns: Camborne, Penzance, St Ives and Truro. After extensive public consultations, each Town Deal Board submitted their Town Investment Plan in collaboration with Cornwall Council.
As a result, the Government announced in spring 2021 that Cornwall will receive up to £88.7 million from the Town Deal Fund. In September 2022, after review of the programmes’ business cases, the Government released an initial £18 million of Town Deal funding to Cornwall Council allowing it to submit the first series of contracts to ratified projects and the start of the Town Deals programme delivery in November 2022.
These grants represent a crucial investment in our community’s future, fostering a resilient and vibrant local economy SARAH SHAW