The UK Shared Prosperity Fund is a central pillar of the government’s levelling up agenda and provides £2.6 billion of funding for local investment by March 2025. The fund aims to improve pride in place and increase life chances across the country.
The ambitions are based around the government’s three investment priorities:
Communities and place | Supporting local business | People and skills
Shared Prosperity in North Yorkshire will enable people, communities, and businesses across our rural, coastal and urban areas to harness the opportunities to thrive and prosper. North Yorkshire has been allocated £16.9million to spend on programmes and projects through the UK Shared Prosperity Fund as well as £5.4million from the Rural England Prosperity Fund - a capital only programme targeted at rural areas but technically with many of the same objectives as the UK Shared Prosperity Fund.
Applications to the funding open TODAY - 16 November at 12 Noon. Simply download the application form, fill it in and email back to the team.
The aim of this funding is to increase business growth, productivity, investment and sustainability in the North Yorkshire region, creating and safeguarding jobs. Improved connectivity and business diversification projects are included, as well as projects that contribute to decarbonisation, reducing emissions to net zero and nature recovery objectives.
Grants will be given for lasting asset projects, such as buildings or equipment. Examples could include purchase of machinery; converting buildings to other uses; creating tourism; and business or natural hazard protection infrastructure.
New and existing businesses, including farms, can apply. The scheme is specifically aimed at micros (less than 10 employees) and small businesses (less than 50 employees). They are keen to see applications from sole traders, trading start-ups, home businesses and social enterprises, as well as local resident landlords, those wishing to diversify their farm businesses and limited companies. The SPF team is excited to see a broad range of innovative applications from across different sectors and disciplines.
Key financial information:
- Capital funding applications for between £1,000 and £10,000 are likely to be considered.
- The funding split is:
- 2023/2024 - £450,000
- 2024/2025 – potentially up to £1,125,000 influenced by the success and learning from 23/24
- For applications over £1000, 25% match will be required
You can find more information here.