• Economic resilience fostered by https://newprosperitydevon.org building a stronger future for Devon communities
• Supporting Small and Medium-Sized Enterprises (SMEs)
• Access to Finance Schemes
• Investing in Skills Development
• Digital Skills Enhancement Program
• Enhancing Rural Infrastructure
• Improving Broadband Connectivity
• Promoting Tourism and the Visitor Economy
• Fostering a Culture of Innovation
• Expanding Opportunities through Collaborative Networks

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Economic resilience fostered by https://newprosperitydevon.org building a stronger future for Devon communities

Devon, a county renowned for its stunning landscapes and close-knit communities, faces ongoing economic challenges. Addressing these requires a robust and forward-thinking approach to regional development. New Prosperity Devon, accessible at https://newprosperitydevon.org, is an initiative dedicated to fostering economic resilience and building a brighter future for Devon’s towns and villages. The organization works collaboratively with local businesses, community groups, and public sector partners to unlock potential and drive sustainable growth.

The core mission revolves around supporting innovation, skills development, and infrastructure improvements across the county. This isn't simply about attracting large investments, although that’s certainly part of the picture. It’s equally, if not more, important to empower existing businesses to thrive, to create opportunities for local people, and to ensure that economic benefits are shared widely throughout Devon. The organization recognizes the diverse needs of different communities and tailors its programs to reflect these specific circumstances.

Supporting Small and Medium-Sized Enterprises (SMEs)

Small and medium-sized enterprises are the backbone of the Devon economy, representing a significant proportion of employment and contributing substantially to local wealth creation. However, these businesses often face unique hurdles, including access to finance, navigating complex regulations, and competing with larger corporations. New Prosperity Devon provides a range of support services designed to address these challenges. These include access to dedicated business advisors, workshops on topics such as marketing and financial management, and grant funding opportunities. A key element of this support is fostering collaboration amongst SMEs, encouraging them to share knowledge and resources and to explore joint ventures. This collaborative approach not only strengthens individual businesses but also enhances the overall competitiveness of the Devon economy. The organization also actively promotes the ‘Shop Local’ initiative, encouraging residents to support their local businesses.

Access to Finance Schemes

Securing funding is often the biggest obstacle for SMEs looking to grow or innovate. New Prosperity Devon works with a network of lenders and investors to facilitate access to finance for eligible businesses. This includes signposting businesses to appropriate loan schemes, providing support with developing business plans and financial projections, and offering loan guarantees. Recognizing the specific needs of rural businesses, the organization also advocates for the development of tailored financial products that address the challenges of operating in a geographically dispersed area. Furthermore, they assist businesses in exploring alternative funding options, such as crowdfunding and angel investment.

Funding Source
Maximum Loan Amount
Interest Rate (Approx.)
Eligible Businesses

Devon Business Loan Scheme	£50,000	6.5% – 9.5%	SMEs operating in Devon
Regional Growth Fund	£100,000	Variable	Businesses creating new jobs
Start-Up Loans	£25,000	6%	New businesses (under 2 years old)
Green Loan Scheme	£75,000	5%	Businesses investing in eco-friendly initiatives

The availability of these funding options, actively promoted by New Prosperity Devon, has demonstrably helped numerous local businesses to expand, innovate, and create employment opportunities within the community, contributing to the overall economic vitality of Devon.

Investing in Skills Development

A skilled workforce is crucial for attracting investment and driving economic growth. New Prosperity Devon recognizes that Devon needs to invest in developing the skills of its residents to meet the current and future needs of the local economy. The organization partners with educational institutions, training providers, and employers to deliver a range of skills development programs. These programs are tailored to address specific skills gaps identified through extensive consultation with local businesses. Focus areas include digital skills, engineering, healthcare, and hospitality. The organization also supports apprenticeships and traineeships, providing young people with valuable work experience and opportunities to gain industry-recognized qualifications. This commitment to skills development is not solely focused on traditional academic routes; it also encompasses vocational training and upskilling programs for adults seeking to change careers or enhance their existing skills.

Digital Skills Enhancement Program

In today’s rapidly evolving digital landscape, digital skills are becoming increasingly essential for all businesses and individuals. New Prosperity Devon’s Digital Skills Enhancement Program provides a comprehensive range of training courses and workshops designed to equip Devon residents with the digital skills they need to succeed. This program covers topics such as website development, social media marketing, data analytics, and cyber security. The courses are delivered by experienced trainers and are tailored to meet the needs of both beginners and more advanced users. A key aspect of the program is providing access to digital technology, such as computers and internet access, for those who may not have it at home.

• Basic Digital Literacy: Introduction to computers, internet usage, and email.
• Social Media Marketing: Developing and implementing effective social media strategies.
• Website Development: Creating and managing basic websites.
• Data Analytics: Understanding and interpreting data to make informed business decisions.
• Cyber Security Awareness: Protecting against online threats and securing digital information.

This program is pivotal in ensuring that Devon’s workforce remains competitive and adaptable in an increasingly digital world, allowing businesses to embrace new technologies and unlock new opportunities.

Enhancing Rural Infrastructure

Devon’s rural communities often face significant challenges related to connectivity, transportation, and access to essential services. Poor infrastructure can hinder economic growth and limit opportunities for residents. New Prosperity Devon actively champions improvements to rural infrastructure. This includes advocating for better broadband connectivity, supporting the development of sustainable transport links, and promoting investment in renewable energy sources. The organization works closely with local authorities and utility companies to identify infrastructure needs and to secure funding for improvement projects. Recognizing the importance of preserving Devon’s unique rural character, the organization emphasizes the need for infrastructure development to be undertaken in a sensitive and sustainable manner. This includes promoting the use of environmentally friendly materials and construction techniques, and ensuring that new infrastructure projects are integrated seamlessly into the surrounding landscape.

Improving Broadband Connectivity

Reliable broadband connectivity is essential for businesses and residents in today’s digital world. However, many rural areas of Devon still suffer from slow or non-existent broadband speeds. New Prosperity Devon is working to address this issue by lobbying for increased investment in broadband infrastructure, supporting community-led broadband initiatives, and providing guidance to businesses on accessing available broadband schemes. They are actively involved in projects aiming to extend fibre optic networks to underserved areas and to explore alternative technologies, such as wireless broadband, to provide connectivity to remote locations. This improved connectivity is vital for enabling businesses to operate efficiently, attracting investment, and improving the quality of life for rural residents.

1. Lobbying for increased funding: Advocating to government and telecommunication companies.
2. Supporting community-led initiatives: Providing guidance and resources to local broadband projects.
3. Promoting existing schemes: Raising awareness of available broadband grants and subsidies.
4. Exploring alternative technologies: Investigating options like wireless broadband and satellite internet.
5. Mapping connectivity gaps: Identifying areas with poor or no broadband access.

These efforts are crucial in bridging the digital divide and ensuring that rural communities in Devon benefit from the opportunities offered by the digital economy.

Promoting Tourism and the Visitor Economy

Devon’s stunning natural beauty and rich cultural heritage make it a popular tourist destination, and the visitor economy plays a significant role in the county’s overall economic performance. New Prosperity Devon supports the tourism sector by promoting Devon as a premier destination, working with local businesses to improve the quality of visitor experiences, and supporting the development of new tourism products and services. This includes initiatives to promote sustainable tourism, encouraging visitors to explore lesser-known areas of the county, and promoting local food and drink producers. They also work to extend the tourism season beyond the peak summer months, attracting visitors throughout the year. The focus is on attracting high-value tourists who will spend more money in the local economy and contribute to sustainable growth.

Fostering a Culture of Innovation

Encouraging innovation and entrepreneurship is vital for ensuring the long-term economic prosperity of Devon. New Prosperity Devon actively fosters a culture of innovation by supporting start-up businesses, providing access to mentorship and networking opportunities, and promoting collaboration between businesses and research institutions. They operate a business incubator, providing office space, business support services, and access to funding for early-stage companies. The organization also runs regular innovation challenges, encouraging businesses to develop new products and services that address local needs. This focus on innovation is not limited to technology-based businesses; it also encompasses social innovation, encouraging businesses to develop solutions to social and environmental challenges.

Expanding Opportunities through Collaborative Networks

The future of Devon’s economy depends on collaboration and building robust networks. New Prosperity Devon continually seeks to expand opportunities by forging strong relationships between varied stakeholders. They recently partnered with a neighboring county to launch a cross-border initiative focused on developing a skilled workforce in the renewable energy sector. This project exemplifies their commitment to regional collaboration and tackling shared economic challenges. It involves joint training programs, knowledge sharing, and attracting investment into the broader Southwest region. This proactive, interconnected approach, championed by https://newprosperitydevon.org, is a powerful catalyst for sustainable economic growth and resilience.

Looking forward, New Prosperity Devon is focused on leveraging technology to enhance its service delivery and to reach a wider audience. They are developing a new online platform that will provide businesses with access to a comprehensive range of resources, including funding information, training opportunities, and networking events. This digital platform will also facilitate collaboration between businesses and connect them with potential partners and investors. The organization is also exploring the use of data analytics to identify emerging economic trends and to tailor its programs to meet the evolving needs of the Devon economy, ensuring it remains a responsive and effective driver of positive change for communities across Devon.