Decision details

The Government has allocated Fenland £436k Rural England Shared Prosperity Fund (RESPF). RESPF must be allocated for business or community purposes and used to fund capital projects such as a buildings or equipment.

Members considered the Rural England Shared Prosperity Fund report presented by Councillor Boden.

Proposed by Councillor Boden, seconded by Cllr Laws and AGREED:

1.1         To recommend acceptance of £436k Rural England Shared Prosperity Funding from the Cambridgeshire & Peterborough Combined Authority for a two-year period commencing in 2023-24 and ending in 2024-25. 

1.2         Due to the tight delivery timescale, it is recommended that the 2023/24 RESPF monies should be allocated exclusively for business growth purposes.  The split of the fund to be spent in 2024/25 between business growth and community will be determined at a future meeting of the Cabinet.

1.3         Given the limited funds available for projects in 2023/24, Officers should prioritise bringing forward opportunities for approval in the following areas:

·           Grants towards equipment and premises for smaller businesses which will promote business growth.

·           Grants to rural areas

·           Grants which will create and sustain rural jobs by assisting the diversification of income streams for farmers.

1.4         To delegate to Officers responsibility for approving and finalising with the CPCA the RESPF Grant Funding Agreement; and

1.5         To note that a further report will be presented to Cabinet for approval of the detailed proposals in relation to the projects, procedures and documentation associated with the onward administration of the funding.