Applications for the grants opened this week and are set to give businesses a boost by supporting projects that can make a big difference to the rural economy.
Local priorities have been established across the country meaning that this funding will be directly targeted at initiatives that will bring the biggest benefit for those local areas.
Opportunities could include helping people to expand or set up new businesses, developing new food processing facilities and promoting tourism.
Individual grants are worth upwards of £35,000 depending on the individual project and will be offered in nine Local Enterprise Partnerships (LEPs).
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