South and West Wales are set to be among the regions that will benefit from the UK Government’s commitment to levelling up. The UK Shared Prosperity Fund has been introduced and has distributed a pot of £2.6 billion to those areas that are said to be most in need. Each chosen authority has been allocated a proportion of the pot and is responsible for rolling it out through various initiatives and schemes.
Supporting local businesses is a key objective of the levelling up agenda so it would most definitely be worth looking into the grants available to see what your business may be eligible for. We have put together some information on the UK Shared Prosperity Fund that you may find useful.
What is the UK Shared Prosperity Fund?
The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion across the UK, of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK by investing in communities and places, supporting local businesses, and people and skills.
Following the release of funds to the authorities, projects will be launched that will enable businesses to secure funding. Whilst many of these projects are yet to be released, it is worth keeping an eye out over the next few months to see which projects your business may be eligible for.
What grants are available to businesses?
People, businesses and communities will all be eligible to benefit from a £132 million funding allocation to South West Wales from the UK Government through the UK Shared Prosperity.
Swansea
This is the open call for businesses located in the county of Swansea to apply for grants via the UK Shared Prosperity Fund. For more information on its rollout, please click here
One particular grant that has been launched within Swansea is the ‘Growth Grant’, information on this source of funding is detailed within the graphic below.
Find out more: Shared Prosperity Fund – frequently asked questions – Swansea
Carmarthernshire
The Fund will provide an additional £32m additional investment to help deliver against some of Carmarthenshire’s key strategic objectives. A further £6.6 million will be made available for adult numeracy initiatives through Multiply.
The Shared Prosperity Fund will provide new opportunities for local communities, support the development and growth of local businesses as well as supporting the recovery of our town centres.
Find out more: UK Shared Prosperity Fund (gov.wales)
Neath Port Talbot
Neath Port Talbot’s funding allocation is £27.3 million over 3 years, from April 2022 to March 2025 .
The Fund is a mix of revenue and capital funding and has been ‘unlocked’ via a Regional Investment Plan. The Investment Plan was approved by the UK Government in December 2022.
‘The Enhanced Business Support for Growth & Innovation’ grant will provide a comprehensive programme of business support for Small and Medium-sized Enterprises (SMEs) across NPT. The project will be focused on five key areas:
- Supporting indigenous growth in key sectors
- The Foundational Economy
- Financial and specialist support
- Feasibility studies for strategic projects
- Developing and implementing Social Value policies to support the delivery of Community Benefits
Find out more: UK Shared Prosperity Fund – Neath Port Talbot Council (npt.gov.uk)
Pembrokeshire
Pembrokeshire County Council is pleased to invite interested organisations to apply for funding from the UK Shared Prosperity Fund (UKSPF) for projects taking place in Pembrokeshire. Further information relating to the eligibility of funding and funding types can be found via the link below.
For further information on the funding opportunities available through the Shared Prosperity Fund, please click here
Find out more: Q&A UK Shared Prosperity Fund in Pembrokeshire – Pembrokeshire County Council
How to apply for funding or to find out more information?
Funding applications and enquiries can be made by clicking on the link below. It is worth noting that not all the authorities have detailed the specific schemes as of yet and these will follow at a later date.
If your authority isn’t included in the dropdown, please get in touch and we can advise further.
To enquire and to find out more about funding opportunities within your region: please click here