Funding for a successful business project to boost Rutland's business economy could be at risk, but the authority may step in to safeguard it. 

Think Rutland was launched as the local authority's business brand last year and at Rutland County Council's scrutiny committee meeting last night, the project, which has overseen a number of schemes to help local businesses to grow, was praised for its achievements. 

Funded by the government's UK Shared Prosperity Fund and the Rural Fund Allocation, the authority has led a number of new initiatives, including the Rural Enterprise Capital Grant Scheme which was launched this summer and saw 17 county businesses gain a share of more than £200,000. 

Led by the council's economic development manager Hayley McHugo, projects included the Rutland Innovative Business Support Project which helped businesses connect with Leicester's universities. 

The authority has also built links with the Department of Business and Trade, the Federation of Small Businesses and the Rutland Chamber of Commerce. 

But RCC's director of place Penny Sharp warned councillors on the committee that national funding that pays for the scheme could be cut.  

She said: "UK Shared Prosperity Fund and the Rural fund end in March 2026, so there will be no further funding and the government has consolidated its regeneration planning into a local regeneration fund single pot.

"They are increasingly channelling local regeneration funding through combined authority areas and in fact the latest allocation they chose the areas and allocated the money, so there was no process other than a central government decision. 

"I do think it is a big risk for us and in fact coming through this budget process is a proposal around a two year one off funding so we don't lose all the good work that we have done until we transition to new arrangements [referring to local government reorganisation]. 

She said Rutland had moved this year from the Lincolnshire growth hub to the Leicestershire growth hub, but no extra money had been allocated to Rutland and so from April 1 it is a risk whether the council will have direct access to funding. 

She said during budget discussions for the upcoming financial year the council could decide to allocate funds, so that Think Rutland continued at the same level.