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UK shared prosperity fund – final dibs?

With news on the UK Shared Prosperity Fund (UKSPF) being focused on its demise, some of you may have missed the launch of a number of schemes funded through the UKSPF across the south / south west in recent weeks.

UKSPF and / or Rural England Prosperity Fund (REPF) grant schemes currently open

Here is a quick round up of those UKSPF/ REPF grant schemes currently open for applications:

Scheme Geography Overview Other
Round two of the Rural England Prosperity Fund (REPF) North Devon council area or Torridge district council area Grants of £2.5k to £35k for small and micro businesses to invest in three key investment priorities:

  • Funding for net zero infrastructure
  • Diversification of farm businesses outside of agriculture
  • Growing the local social economy and supporting innovation
  • Developing and promoting the visitor economy
This grant programme will be open until 30.11.2024 or until all funds are allocated
Research, development and innovation funding (RD&I)

 

Cornwall & Isles of Scilly (CIOS) Capital grant funding of up to £25,000 for businesses in CIOS to purchase kit or equipment to help progress your RD&I project, or to help bring a new product to market.

Priority will be given to businesses who are collaborating and sharing knowledge with project partners or third party organisations.

If you have a relevant project in mind for your business, then get in touch with CIOS Growth Hub
REPF 2024 North Somerset SMEs located in an eligible rural area in North Somerset can apply for grants of £5,000 to £25,000 for capital projects to include:

  • Food processing equipment to scale up from domestic to commercial kitchens (non-farming businesses only)
  • Converting farm buildings to other business uses
  • Rural tourism, e.g. as investments in visitor accommodation and farm diversification for event venues
Closing date of 28 June 2024
Business grants Dorset Council area (excluding BCP area) Businesses can apply for grants of between £2,000 and £20,000, towards:

  • Digital technology and innovation
  • Research and development
  • Business growth and exports
  • Rural enterprise and diversification
  • Start-ups (businesses in 1-36 months of trading)
Closing date 30 June 2024.

 

You are required to undertake a business support meeting with, WSX Enterprise prior to making an application.

Match funded grants Bournemouth, Christchurch and Poole A project in one of the following areas:

  • Start-ups (£500 up to £1,000)
  • Business growth (£1,000 up to £2,500)
  • Research and development for innovative product and service development (£1,000 up to £5,000)
  • Exporting to grow overseas trading (£1,000 up to £5,000)

 

Your business must be registered on the scheme by Monday 24 June 2024 to allow sufficient time to complete the diagnostic process before becoming eligible to submit a grant application

What next for UKSPF and REPF?

As has been commented on elsewhere we are yet to see what is planned, if anything, to replace the UK Shared Prosperity Fund and/ or Rural England Prosperity Fund. These schemes are currently scheduled to close on 31 March 2025. A number of regions appear to have fully committed their allocation.

My colleagues and I will be reading the pronouncements of the political parties over the next few weeks for any details of the future of regional grant funding.

What now?

We will continue to keep an eye on announcements of any further grant schemes funded through UKSPF and/ or REPF.

We would advise business seeking grant funding to register for updates from their local authority/ council administering the funding in their area and to periodically check in with their local growth hub to see if they are aware of any grant schemes which may fit with the business’ plans.

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