The Rural Enterprise Scheme (RES) which was designed to provide assistance for sustainable development projects within communities.
There is a wide range of projects covered by the scheme, but the primary aim is to help farmers adapt to the changes in the market and develop their business by investigating new opportunities.
Other types of projects would include those that have the potential to produce a commercial return, or those that will provide communities with social or environmental benefits.
It can be argued that one of the main aims of RES is to promote and encourage innovation within individual communities, and as a result of this there is no specific list of projects that would be eligible. But, this doesn't mean that just any old project can benefit from this scheme.
The list of things that the scheme will look at, although somewhat vague, includes things like, financial help towards the marketing of agricultural products,set-up costs for basic community services, such as transport schemes for those that are classed as being isolated, or the conversion of old out-buildings to create small businesses like tea shops or farm shops.
The Qualification Procedure
Now although this scheme covers a potentially large array of projects, the amount of funding available is not unlimited. This means that the grants are awarded on a selective, and regional, basis.
The eligibility process is tough and all applicants have to undergo technical analysis and are compared to other projects that are similar in design and structure to ensure that the one that will provide the most benefits to the community is selected.
It is important that you remember that this scheme is only applicable to those projects in England and also excludes those people who work in areas including Cornwall, the Scilly Isles and parts of Merseyside and South Yorkshire. This is because there are other schemes in these areas that provide funding for these types of projects.
The Application Process
Although there is no restrictions in place that determine when you should apply by, there is a limited budget so it is important that you submit your application as soon as possible.
Regional boards assess applications £15,000 in funding from the scheme can be fast-tracked. There are also separate procedures in place for those applications that are national and act as a mirror of projects based in single locations.
Show Me The Money
The RES fund doesn't limit the amount available to each project because it is actually intended to fill the gap between the true cost of the project and what you can realistically afford. However, the guidelines show that there are three bands for funding through RES.
Firstly, for those projects that have no, or a minimal amount of economic return the funding awarded will be between 50 per cent and 100 per cent. Projects like these, for example, would include those that are specifically designed as an aid to the community or local environment and don't necessarily provide a substantial amount of profit for the applicant.
Those projects where the return is the main objective, the amount of funding available is reduced to 30 per cent to 50 per cent. And finally, the projects that have the potential to return in excess of 25 per cent of the initial investment, then the funding is between 15 per cent to 30 per cent.
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