By Victoria Brenan

Last updated at 13:03, Monday, 18 June 2012

Rural businesses across Cumbria are being urged to apply for their share of a £15 million grant windfall.

The county is one of five regions to be identified by the Government as a Rural Growth Network pilot – a national scheme designed to help new businesses to start up and existing small firms to grow.

Industry experts say the cash could lead to up to 480 new businesses starting up and the creation of up to 1,000 jobs.

In Cumbria, the funding will be targeted at specific sectors in the rural economy including food and drink, digital and creative, agri-business/forestry and adventure/country sports.

The date for grant applications to be submitted has not yet been unveiled but it is expected within the next couple of months.

Industry experts say each regional grant allocation is likely to be ‘massively oversubscribed’ and Nigel Parsons, managing director of management accounts specialist Landmark Systems, advised local businesses to think about their application now to avoid missing out.

Mr Parsons said: “Our experience of similar grant schemes is that those who have done the groundwork ahead of time are the ones who are in the strongest position when the starting gun is fired.

“The application process will undoubtedly involve the submission of large amounts of financial information, business planning and growth modelling – the kinds of things that cannot just be plucked out of thin air.

“We would strongly recommend that anyone thinking of applying talks to their accountant now about their financial reporting arrangements to make sure they are fit for something like a central Government grant application.”

The five areas selected to share the £15m grant pot are Cumbria, Devon & Somerset, Durham & Northumberland, Coventry & Warwickshire, Swindon & Wiltshire.

Mr Parsons said it was a “huge opportunity” for rural businesses in Cumbria.

“However, experience tells us that only those with the most compelling and comprehensive applications will succeed in releasing grant funding,” he added.

Environment Secretary Caroline Spelman said: “Our £15m investment will create thousands of new jobs and hundreds of new businesses, boosting the rural economy.”

First published at 11:30, Monday, 18 June 2012
Published by http://www.newsandstar.co.uk