Grants of up to £10,000 now available to small businesses

Small businesses in Shropshire will soon be able to access grants of between £2,000 and £10,000 to purchase new equipment or make improvements to their premises.

The Shropshire UKSPF Small Capital Grant Scheme for Businesses has launched today (Wednesday 6 March 2024).

Business from one to 49 employees can now apply for a grant if their business is physically located in the Shropshire Council local authority area.

Applicants will need to demonstrate how the grant will help them create new employment opportunities, or develop new products, processes, or services within their business. They will also be expected to match-fund the amount of grant applied for by at least 50% of the total investment.

All applicants will need to complete a simple online Expression of Interest (EOI) form which will go forward for assessment. Projects successfully passing this initial stage will then be invited to submit a full application.

Gary Spence, Shropshire Council’s external funding and technical lead officer in the Business Growth and Investment team, said:

“The recent funding which we secured from the UK Shared Prosperity Fund (UKSPF) has made this grant possible.

“It can cover capital expenditure on equipment or towards improving a business’s premises. Unlike previous grants linked to European funding, this grant is open to most sectors, including retail and farm or land-based businesses that want to diversify.

“We are expecting this grant to be very popular. However, there are some types of businesses and activities which won’t qualify, so we urge potential applicants to check the criteria both in terms of their eligibility, and what can – and cannot – be funded before applying.”

Mark Jones, Shropshire Council’s Cabinet member for growth and regeneration, said:

“The £15m worth of funding we have secured is aimed at supporting and driving economic growth across the county. Many key projects have been identified by the team and now both businesses and individuals are beginning to benefit from the support we have been able to provide. This grant is just one of those many initiatives and it will hopefully provide businesses with yet another opportunity to grow and develop.”

Details about how to apply and the EOI form can be found at : https://next.shropshire.gov.uk/ukspfcapgrant

Anyone with any questions or queries about applying should email ukspfgrants@shropshire.gov.uk.  Unfortunately, queries cannot be dealt with over the telephone.

Further information

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 UK investing in communities and place, supporting local business, and people and skills. For more information, visit UK Shared Prosperity Fund: https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus

For more information about the many projects being funded through UKSPF in Shropshire, visit:  https://www.investinshropshire.co.uk/uk-shared-prosperity-projects/