Match Funding Success - £4.5 Million Investment By County Council Nets £68 Million For Cornish Economy
Match funding by Cornwall County Council has helped attract more than £68 million of financial support for projects to regenerate Cornwall's economy over the past five years. The impressive figures emerge in the latest monthly Treasurer's reports to County Councillors.
Cornwall County Council plays a pivotal role in economic development and regeneration, both by developing its own projects and by providing direct financial support through what is termed its Corporate Matching Funds Budget – specifically for strategically important projects which are being lead by others.
The latest collation of figures shows that since 2000 the Council has spent £4.548 million from this budget to support 100 projects across Cornwall. This combined effort has helped to attract a massive £68 million from other external funding sources including Objective One, Neighbourhood Renewal Fund, Rural Renaissance and the Single Regeneration Budget. It also supports projects from a number of other funds.
The County Council's success with this 'sprat to catch a mackerel' funding has delighted Andrew Mitchell, Executive Member for the Economy. "The County Council is playing a vital role in improving the economy of the county, and is working hard with other partners to deliver exciting projects which provide good quality jobs, improve skills and help local businesses to compete more effectively." Andrew explains, "The County Council's financial support has acted as a lever for millions of pounds of funding from other bodies, enabling a number of key projects to go ahead, including the Combined Universities project, the Camborne/Pool/Redruth Urban Regeneration Company and the Knowledge Spa building at the Peninsula Medical School."
Other successful projects include actnow, where the County Council's £241,000 contribution helped generate more than £16 million for the scheme to upgrade 12 telephone exchanges to provide broadband access throughout Cornwall and the Isles of Scilly, and Finance Cornwall where County Council support helped generate £20 million to set up a major venture capital and loan fund for businesses.
Cornwall County Council also provided financial support for Environment Link, an exciting £556,000 project to help the Farming and Wildlife Advisory Unit provide advice on economic opportunities achievable through environmental measures, and the Devon and Cornwall Overseas Marketing Project (DACOM) where a £50,000 contribution attracted almost £1 million of funding to promote the two counties to the overseas travel trade.
Other projects have included the £1.9 million project to transform Harvey's Foundry in Hayle into a flagship archive, research and training centre, and the refurbishment of Liskeard Station. The County Council has also provided funding for a number of smaller projects, including Creative Kernow, where a £10,000 contribution generated £410,000 for a project to provide hands-on support for small businesses and individuals working in creative industries, an innovative scheme to refurbish Mullion Youth Club and another to provide a new crane at Mevagissey Harbour. It has also supported schemes to regenerate St Just and Tintagel which then attracted millions of pounds of funding from Objective One.
Andrew Mitchell says: "This impressive list shows that the County Council is playing a pivotal role in helping schemes to be successful. Our relatively modest intervention is having a huge, positive effect on Cornwall's economy. I look forward to continuing this support in the future."
This is not the only County Council budget which provides funding support for economic development projects, so the Council's overall leverage of inward funding is even higher in total. However, this particular stream of match funding is corporately monitored in monthly reports to County Councillors.
Carleen Kelemen, Director of the Objective One Partnership for Cornwall and the Isles of Scilly, says: "The success of the Objective One Programme is largely as a result of the public and private partnerships working together to draw in maximum investment for projects. Cornwall County Council has played a major role in ensuring key projects - those that boost wealth creation via communication, infrastructure, knowledge and regeneration - are successful across the region."
For further information please contact Trisha Hewitt of the Cornwall County Council on 01872 322186 or email: firstname.lastname@example.org.
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