OKEHAMPTON will reap the benefits of £150,000 of funding as part of a £2.9-million funding boost to the South West .

The Heart of the South West Local Enterprise Partnership has confirmed that funds from the Rural Growth Network initiative have been approved by Defra, and has announced how the funds will be distributed throughout Devon and Somerset.

Opportunity Okehampton will receive £150,000 to develop the site located next to Okehampton Business Centre for business expansion and growth.

Devon will see an investment of £1, supporting projects that expect to create 686 new jobs, boosting the economy by an anticipated £39-million.

The RGN money will act as a catalyst, opening up additional funding for a number of existing large scale projects, allowing them to proceed.

Somerset will also see an investment of around £1-million to continue the creation of a network of enterprise centres.

The remaining funds will be used on revenue projects throughout the two counties, with details being finalised.

Tim Jones, chair of HotSW said: 'This funding is a vital lifeline for our rural communities and economy.

'It represents a major commitment to achieve growth throughout Devon and Somerset and is designed to reach the most remote rural communities. 

'It is vital that we enhance the enormous potential of our many rural enterprises and encourage the growth of new rural businesses.

'Improving our business productivity, supporting business growth, protecting existing employment and creating new jobs will all be assisted through this programme. 

'We are determined to ensure that the interests of the rural economy are fully supported through our initiatives.'

LEP board member and Devon County Cllr Will Mumford said: 'This is a fantastic investment for rural Devon and Somerset — the money will help businesses overcome barriers and create new job opportunities.

'Rural areas are vital to the economy of both Devon and Somerset and it's important that we invest funding effectively to ensure economic growth.'