The Isles of Scilly Voucher Scheme has applied for further ERDF funding to allow it to continue until the end of 2021.
The scheme is now in the final year of the contracted programme, which was set up to deliver £1.36 million of ERDF funding to support business development and growth across the Isles of Scilly. All the funds have now been committed and the project is closed for applications.
Milena Fallows, Programme Manager for the IOS Voucher Scheme, said: "I am very pleased that we have managed to allocate the full funding amount to the local business community and to do so well ahead of schedule.
"It is has been an exciting opportunity for many of the businesess we have worked with to grow and implement changes far quicker than they possibly could have without the funding, if at all; many of these businesses, old and new, are now providing new jobs and new services to the islands, which of course boosts our local economy and strengthens our tourism offer.
"It is incredibly satisfying to see these businesses up and running and flourishing with the additional support."
Voucher Scheme staff chose to apply for additional funding due to the "evident high demand for business development funding on the islands and our successes in delivering the project so far".
Interested people are encouraged to keep working on their project ideas and submit an expression of interest to the Voucher Scheme via https://www.iosvoucherscheme.co.uk/how-to-apply.
Further news on the application for additional funding is expected later this month.