UK Shared Prosperity Fund Applications now open for funding to support local business

Derby City Council is inviting eligible and experienced organisations who can help businesses to grow to bid for funding to deliver tailor-made programmes of support.

Applications are now open to experienced business support providers to apply for funding from the UK Shared Prosperity Fund (UKSPF) to deliver a range of programmes that will enable business growth and innovation.

The UK Shared Prosperity Fund was launched in April 2022 to replace EU funding. It is a key part of the Government’s “levelling-up” agenda and is aimed at boosting communities, supporting local businesses and improving skills.

Every part of the UK is receiving an allocation from the fund, covering three years until the end of the 2024-25 financial year.  Following Government approval of its Investment Plan, Derby City Council was awarded a total of £6.1 million from the core fund.

Each authority is encouraged to use the money to meet the unique needs of their community and location. Taking on board feedback gathered through a series of roundtables with businesses and existing providers, including the University of Derby and East Midlands Chamber, the Council has developed four priority programme areas:

• Early years (£345k) – Programmes to enable entrepreneurs to start and grow businesses in their first years in Derby.

• Sector opportunities (£1.13m) Programmes that champion innovation in product, process or service delivery, enabling company development in Derby key sectors.

• Inward investment (£600k) – A marketing programme to bring new key sector companies or to support new external investment into the city.

• Recruitment and skills – (£300k) Up to four roles that help with 1) recruitment and skills provision 2) Growth and Scale-up advice ensuring Derby businesses can maximise relevant local and national support opportunities.

Interested providers should email spf@derby.gov.uk to ask for an application pack which will include full details on the four priority programmes, guidance notes and application documentation.

Organisations must submit completed applications by 10am on 7 March 2023.

Applications will be shortlisted in March and projects are expected to start in April 2023.