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Refresher – What is the UK Shared Prosperity Fund?
The UK Shared Prosperity Fund is a central pillar of the former Conservative Government’s Levelling Up agenda and aims to provide £2.6 billion of funding for investment within local authority areas by March 2025. The fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.
What is Happening with Levelling Up?
Whilst the UK Shared Prosperity Fund is scheduled to continue running at local authority level on allocated funds until March 2025, it is clear that the fund will not be extended. The new UK Government now led by Labour has decided that they plan to scrap the concept of ‘Levelling Up’ entirely and will rename the department responsible for funding in local authority areas to the Ministry of Housing, Communities and Local Government. However, there will be plans to continue supporting areas of the UK that have been “left behind” with increased financial support and further devolution where local mayors are able to make funding decisions to help revitalise their areas. It is the case that replacement funding to local areas beyond March 2025 is yet to be decided, but there is expected to be updates later in the year.
What Recent UK Shared Prosperity Fund Schemes Have Been Made Available?
Despite there being financial uncertainty from next year for local funding, there has been no slow-down in new schemes being made available to support businesses in local areas in the current financial year. Below are some of the latest schemes that we have featured that businesses can now apply for.
i) Cumbria Advice Vouchers and Revenue Grants
The Cumbria Business Growth Hub has launched 2 UK Shared Prosperity Fund backed schemes, the first is a Growth Voucher worth up to £500 that enables local businesses in Cumbria to get access to expert advice in order to encourage productivity enhancements and growth. The second scheme is a Revenue Grant that provides up to £7,500 to get consultancy in areas such as marketing, websites, accountancy, legal, planning, business continuity, succession planning, business growth and productivity.
ii) Torbay Interventions To Support Local Businesses
Torbay Council has launched its 2024/2025 round of interventions for supporting local businesses as part of the UK Shared Prosperity Fund. Businesses can apply for initiatives relating to decarbonisation and improvement of the natural environment, projects to facilitate international business events and innovative products and service development.
iii) Harborough Schemes to Support Green, Digital and Innovation Activities
Harborough Council has released 3 business support grants backed by the UK Shared Prosperity Fund worth up to £2,000.
1. Go Green Grant – This scheme aims to support businesses to reduce their carbon footprints, increase energy efficiency and reduce operating costs.
2. Go Digital Grant – This scheme aims to support businesses to invest in digital technology solutions which will improve business performance and encourage wider online access to customers.
3. Go Innovate Grant – This scheme aims to support businesses to invest in new products or methods to help improve efficiencies and create business growth.
iv) Caerphilly Co-Work Local Scheme
Caerphilly Council has launched a scheme using UK Shared Prosperity Fund money to support the set-up of new and supporting existing co-working venues to help encourage flexible working for businesses and local professionals. The funding is worth up to £2,000.
v) Herefordshire Business Enterprise Fund
Herefordshire Council has launched its UK Shared Prosperity Fund backed Business Enterprise Fund – Round 6 and has funding worth up to £50,000 to support local businesses with productivity and to become more resilient through the adoption of new technologies and processes.
vi) Melton Supporting Business Grants
Melton Borough Council has launched 3 UK Shared Prosperity Fund backed schemes to support local businesses at different stages with finance worth up to £10,000.
1. Pre-Start-up Grant – This scheme provides capital grants to assist entrepreneurs with business plans to help them start their own business.
2. Start-up Grant – This scheme aims to support businesses that are less than 2 years old to help expand and grow their business.
3. Supporting Business Growth Grant – This scheme aims to support more established businesses in the local area with their growth plans.
vii) Redditch ReNEW Grant
Redditch Borough Council has launched a UK Shared Prosperity Fund backed scheme that allows creative businesses to access funding worth up to £2000 to support projects and activities that will increase participation and engagement in local arts and creative activity.
viii) Aberdeen Business Start-up Scheme
Aberdeen City Council has launched a UK Shared Prosperity Fund backed scheme that aims to help entrepreneurs to overcome the barrier of accessing funds to start a business, worth up to £1000.
What Businesses Have Recently Been Awarded Funding From The UK Shared Prosperity Fund?
i) Energy Efficiency Funding Awarded to Cheltenham Businesses
A total of 19 companies have been awarded a share of a funding pot worth £120,000 as part of the Cheltenham Zero Business Fund, which is backed by the UK Shared Prosperity Fund. Successful businesses are expected to use funding on energy efficient equipment to boost their business and save costs, such as loft insulation, LED lighting, solar panels and other energy efficiency measures.
ii) Derby Physiotherapy Business Received Grant Funding After Accelerator
A Derby based physiotherapy firm has been awarded a Business Growth and Innovation Grant worth £12,472 after taking part in a local accelerator which is backed by the UK Shared Prosperity Fund. The funding was used to build an additional consultation room within the clinic and create an additional new professional job.
iii) Corbridge Farm Project Receives Funding
A farm shop and tea room near Corbridge, Northumberland has been awarded a grant that is set to triple the size of its premises and create brand new job positions. The funding has been awarded by the Northumberland Small Business Service which is backed by the UK Shared Prosperity Fund and the North of Tyne Combined Authority Investment Fund. The new development includes a larger, state-of-the-art farm shop, a café and a dedicated play barn that provides entertainment for children.
iv) Blaenau Gwent Business Secures Funding To Safeguard Local Jobs
A drainage and pumping services company from Tredegar has been awarded £20,000 in funding from the Blaenau Gwent Business Development Grant. The UK Shared Prosperity Fund backed scheme is enabling the company to secure the roles of two employees whose jobs were previously considered at risk. Blaenau Gwent County Borough Council is responsible for administering the scheme.
v) Nuneaton Engineering Entrepreneur Receives Start-up Support
A Nuneaton based entrepreneur signed up to the Start-up programme which is ran by Warwickshire County Council and funded by the UK Shared Prosperity Fund, which allowed him to grow his recently founded engineering firm after receiving advice and support. Support was provided in workshops on topics such as financial planning, marketing and social media. No grant funding was provided, but the fully funded consultancy support received gave the entrepreneur the confidence to invest £30,000 into a new VMC machine that cuts materials from plastic to steel to help the business expand.
How To Apply For Local UK Shared Prosperity Fund Opportunities
Most UK councils and other local business support organisations responsible for administering UK Shared Prosperity Fund related schemes have a dedicated page on their websites that outlines opportunities that are part of the UKSPF. Each scheme provides details on eligibility criteria, how much funding is available and when the deadlines are. Interested businesses can also speak to dedicated grants advisors based at local authorities who can guide them through eligibility criteria to see if the funding is a match for a potential project and help them to apply. There are usually application forms available to download on the scheme pages as well as information on all supporting documents, such as financial statements and business plans that are required to get a chance of a successful funding application.
Want To Find UK Shared Prosperity Fund Grants for Businesses In Your Local Area?
If you want to see the full set of UK Shared Prosperity Fund grants currently available in your local area, please visit https://getbusinessgrants.com/
