TIME is running out for Worcestershire’s rural businesses to apply for a share of £300,000.

The Business Development Fund is available to new and existing businesses in rural areas that are seeking grant assistance for investments to expand and create new jobs, with the opportunity to receive grants from £35,000 up to approximately £100,000. However, the closing date for applications is 5pm on Friday, November 27.

Applicants can apply for a grant to cover up to 40 per cent of the project’s total eligible costs. Projects will need to demonstrate and evidence how they can create a number of new jobs and increase their overall wages. The funding is designed to benefit Worcestershire Local Enterprise Partnership’s priority growth sectors of agri-food/agri-tech, advanced manufacturing and cyber/ defence, by for example, improving farm diversification, construction and development of workshops, factories and machinery and the introduction of new technologies and equipment to improve productivity and efficiency.

Gary Woodman, executive director of the Worcestershire LEP, said: “EAFRD funding is now available for rural business development in Worcestershire. The funding is a fantastic opportunity for businesses in rural areas to expand and create jobs, providing a great boost the local economy. I would strongly encourage any interested parties to apply for this call for funding before the November 27 deadline.”

The 2014-20 ESIF Growth programme launched in March 2015 and this latest round of funding has £300,000 available to support the development of rural businesses in Worcestershire. For more information on the funding available, contact Jo Jury by emailing jo.jury@rpa.gsi.gov.uk or by phoning 01905 768854. For further information on ESIF funding visit the gov.uk website.