UK Shared Prosperity (UKSPF) & Rural England Prosperity Fund (REPF) Supporting Local Business

The UK Shared Prosperity Fund (UKSPF) was launched by the government in 2022 and is central to its 'levelling up' agenda, with £2.6 billion of funding set aside nationally for local investment by March 2025. The Government's aim of the fund is to invest in domestic priorities by targeting funding where it is needed most - building pride in place - supporting high-quality skills, training and pay and investing in employment opportunities, innovation and productivity.

Central Bedfordshire Council was allocated funding through both UKSPF and also the Rural England Prosperity Fund (REPF) through an addendum to deliver projects in 2023-24 and 2024-25.

The Council has committed some of this funding to the Supporting Local business theme, which aims to create jobs and boost community cohesion through investment in existing industries and institutions, support for those starting businesses, sharing knowledge and expertise, improvement in retail, hospitality and leisure facilities, networking and collaboration and stimulating innovation and growth

Delivery of the following 5 Supporting Local Businesses interventions:

Summary of each intervention Project:

E21: Business Innovation - Engagement and provision of innovation and technological support to Central Bedfordshire Businesses with the intention of improving their performance. Enterprises will receive expert business advice, guidance, training and mentoring to support them with improved productivity, and assistance to adopt new or improved products or services.

E24A: Business Start Up & Entrepreneurship (including support for Social Enterprises) - This intervention is to support Entrepreneurship (those in the process of starting up) & Start Up businesses (including social enterprises). Delivery will be aimed at assisting potential entrepreneurs to be business ready/self-employment and resulting in businesses being set up as a result of support received as well as newly established businesses

E24B: Business Growth - Scale up & Resilience - Supporting established businesses with growth potential through the adoption of new or improved products or services

E28: Export Support with Grants - Delivery of export-readiness activity as a result of UKSPF support, resulting in local businesses engaged in new markets following support.

Export Grants to support Businesses to grow their overseas trading, supporting local employment

Support for businesses in developing their export strategy

E29: Local Business De-carbonisation - Delivery Supporting decarbonisation, net zero initiatives and improving the natural environment whilst growing the local economy through direct advice, guidance, mentoring and training resulting in a new or improved de-carbonisation/net zero plan.

Overall - All Supporting local business Interventions to be underpinned by: Direct business support, advice, guidance, mentoring and training