The Towns Fund is a £3.6 billion fund for towns across the UK to support local economic growth.
Penzance and St Ives are two of 101 towns nationally, and 4 in Cornwall, that have secured Town Deal Funding. Cornwall Council is the Lead Authority for the Town Deals programme in Cornwall. We support the governance of the Town Deal Boards in both towns.
Further information about other Town Deal activity in both St Ives and Penzance can be found on their individual websites
The Town Deal Enterprise Grants will support Small and Medium Sized businesses. It will provide capital grants to encourage business start-ups and scale ups.
This growth and development will provide new opportunities, jobs and stronger supply chains.
Each town has a bespoke offering.
St Ives
Due to high levels of uptake the St Ives Town Deal Enterprise Grant Scheme is currently closed.
Please follow the link below to show the current list of live approved projects.
View St Ives live approved projects
Penzance
Round 3 funding – open for applications 22nd September – 7th November 2026
Background
After two very successful rounds of the Enterprise Grant Scheme we have a limited amount of funding available. Applications are invited from projects that meet the requirements outlined below.
Grants are available from £2,500 - £50,000 with a maximum intervention rate of 75% for those applying for below £10,000 and 65% for grants of £10,000 - £50,000. We are looking to maximise the benefit of the scheme and hope to support as many businesses as possible. We therefore remind applicants to please apply for the minimum amount needed to make the project happen.
Round 3 Key Criteria and priorities
As well as demonstrating how they meet the Enterprise Grant objectives and outputs and outcomes all projects must be able to meet at least one of the following mandatory requirements.
Mandatory requirements
All applications must either clearly demonstrate how the investment will enable the business / organisation to make a significant step change to the business in terms of:
- its growth and development
- supporting the economic growth of the Town Deal area and
- well-paid sustainable year around employment in the town
Or
The application must demonstrate how any frontage improvements undertaken will have a positive transformational impact on the streetscape. As well as the vibrancy of the town and the footfall in that area. Priority will be given to areas where:
- existing footfall is low or
- collective actions would result in a marked improvement in a street, or
- the result is a noticeable reduction in vacant premises in an area
Other requirements
- All required permissions must be in place at the time of application
- All match funding must be in place and evidenced at the time of application
- Projects must not have already started and must complete by 15th May 2026.
Priority will be given to the projects that:
- offer the best value for money
- demonstrate the strongest impact on the business and the town
- add value and impact to other key regeneration projects in the town
We would particularly welcome applications from the peripheral areas of the Town Deal area. As well as those that are in or supply to the growth sectors of marine, renewables and creative industries which were identified in the Town Investment Plan.
How to make an applicationAccess the online Grant portal
Applicants are reminded that this is a competitive process. Please refer to the applicant handbook for more detailed guidance. In person facilitation support is available in the town and it is recommended to utilise the service. If you would like support or have any queries about the completion of the form, please contact grants@cornwall.gov.uk
Aims of the Enterprise Grant Scheme
- To support Penzance and its business community to adapt to a changing economic environment caused by global and national issues. Awarding capital grants to businesses to enable them to adapt and grow in their operations.
- Investments in high street businesses to improve vibrancy in the town centre
- To support new start-ups, scale ups and businesses who want to diversify their offering into new growth sectors
- To support individual businesses to develop and grow to achieve sustainable growth and create new employment for local people
- Reducing the number of empty / underused premises through investment to enable them to be brought back into use.
- To add value to other Town Improvement Plan projects by supporting businesses which in turn will engage with TIP projects