The Isle of Wight has secured grant funding of £2.6 million to help boost the local rural economy.

The money has been gained through a partnership bid which included the Isle of Wight Council and the IW Economic Partnership.

It comes from the South East England Development Agency under its LEADER programme and will be made available to farmers, growers and other rural based businesses including those involved in the tourism sector and rural communities.

Now the money has been won, IWEP have been appointed to manage the project locally.  Decisions about which projects should benefit from the programme will be made by a Local Action Group which is made up of representatives from bodies with an interest in the rural economy including the Council, IW Chamber of Commerce, Industry and Tourism, the Rural Community Council, the NFU, the Country Landowners Association and the Economic Partnership.

George Brown, IW Council cabinet member for economy planning and property welcomed the new money which will be available over a six year period and complements the aims of the council’s recently adopted economic strategy.

“I am confident that this sum of money will make a real difference to the Island’s economy

“The success in attracting this money shows the real benefit of working closely with partner organisations to achieve maximum benefits to the Island. This partnership working will now continue to help ensure this new grant money is used to bring maximum benefit to the Islands rural economy and communities.”

The Island was one of 13 areas to successfully achieve a share of SEEDA’s £27 million Leader programme money. Grants to successful bidders ranged from £1.6 to £2.6 making the Island one of the biggest beneficiaries.

The LEADER programme is designed to support a range of schemes to create wealth in rural areas. Monies can be used, for example, to help increase the sale value of local produce; to provide renewable energy which will reduce businesses’ running costs and tackle climate change, and to increase profits from tourism.

The funds will help develop new enterprises as well as providing major opportunities for businesses and communities to work together to invest in their future.

Judi Griffin, Chairman of the Local Action Group said: “The success in obtaining this funding demonstrates what the Island can achieve when we work together. This is a wonderful opportunity to address some of the issues that have put the Island’s rural businesses and communities at a disadvantage.

“A strategic plan of action will enable us to support agriculture, rural businesses and local people to be more sustainable both economically and environmentally. It is vital that this funding and the associated private investment is used to support the ongoing changes which are occurring in the rural economy, especially the land based sectors.”