A total of £523,000 is available to local businesses as part of East Herts Council’s wider £1.7m UK Shared Prosperity Fund (UKSPF) allocation.
There are two routes through which businesses can apply; a grant of up to £5,000 to open or expand a trading premises or up to £50,000 to fund new activities – including product development, market diversification and investment in technology. The grants must be match-funded by the business at 50%.
The UK Shared Prosperity Fund is a central pillar of the UK 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 supporting local business, people and skills.
In East Herts, the remaining funds will be used to deliver the district’s climate change and cultural strategies and support improvements in town and village centres to drive footfall.
Councillor Jan Goodeve, Executive Member for Planning and Growth, said: “This fund is a fantastic opportunity for businesses across East Herts. In setting our priorities, we wanted to build on the success of our award-winning new premises grant scheme, which saw over 50 small and independent businesses supported to set up shop or expand into new commercial spaces.
“The larger grants will make such a huge difference to businesses of all sizes, and so we are urging them to come forward and get in touch to find out more.”
More details can be found at www.eastherts.gov.uk/ukspf