UKSPF grant terms enhanced for local businesses

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Image to illustrate community grants a hand putting a coin in a piggy bank

West Lindsey District Council has announced improved terms for UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund (REPF) business grants, effective immediately.

The grant program, initiated in May 2023, includes three schemes aimed at bolstering business sustainability, non-agricultural farm diversification, and agri-tech business development. 

Businesses can now access enhanced grant support, with increased intervention rates and higher maximum grant levels.

Councillor Trevor Young, Leader of West Lindsey District Council, said he hoped the changes would boost local business confidence, facilitate easier investment, and address ongoing economic impacts.

He said: 

“We have listened to feedback from our business community and we’re aware that broader economic conditions are having a negative and ongoing impact on commercial decision making and business investment. 

“To improve local business confidence and make it easier for local businesses to invest, we have improved the terms of our UKSPF/REPF grants. I’m delighted to confirm businesses can now access a significantly improved grant portfolio, both in terms of the intervention rates and maximum grant levels on offer.”

The grant programme comprises of: 

  • capital and revenue grant provision of up to £30,000 to support business sustainability (under UK Shared Prosperity Fund), 
  • capital grants of up to £40,000 for non-agricultural farm diversification and capital and revenue grants of £30,000 
  • and £10,000 respectively for agri-tech business development (under Rural England Prosperity Fund and WLDC local funding).

Sally Grindrod-Smith, Director of Planning, Regeneration and Communities, commented: 

“We have worked closely with business support intermediaries to ensure our UKSPF/REPF grant portfolio reflects the levels of grant support our local businesses currently need in order to bring forward their development plans. Our improved offer means local businesses can more comprehensively reduce the financial risks associated with their investment decisions.”

The fund is due to close in December 2024 to new applications but may close earlier if all of the Council’s funding allocation is awarded. 

For more details on the grants the Council is offering visit: UK Shared Prosperity Fund and Rural England Prosperity Fund Business Grants | West Lindsey District Council (west-lindsey.gov.uk)

 

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