The European Regional Development Fund (ERDF) aims to build a stronger economy for Cornwall and the Isles and Scilly and support the EU and local ambitions for smart, sustainable, inclusive growth.
The objective of the funding is to strengthen the economic and social cohesion in the European Union by correcting imbalances between its regions. Cornwall and the Isles of Scilly qualify for additional funding because its economic performance was below 75% of the European Union average when the programme was originally developed. This programme of European funding builds on the previous Objective One (1999-2006) and Convergence Programmes (2007-2013).
Priorities for investment are initiatives that:
- Increase levels of research and innovation to exploit new market opportunities and drive the commercialisation of new products and services
- Address the issues of climate change and support energy sustainability.
- Increase access to finance for small and medium sized enterprises to enable investment to drive growth.
- Provide a suite of business support products, including a single point of access to simplify the business support landscape.
- Address underlying infrastructure issues, including transport and digital.