A grant for small businesses launched last week has proved so popular that the current application process has been ‘paused’.
The UK Shared Prosperity Fund team within Shropshire Council launched its Small Capital Grant Scheme for Business on Wednesday 6 March 2024 and, within hours, received an overwhelming number of ‘Expressions of Interest’ (EOI).
All applicants needed to complete an online EOI form to demonstrate how the grant would help them create new employment opportunities or develop new products, processes, or services within their business. These EOIs are assessed, and any projects successfully passing this initial stage will 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:-
“Within hours we had received nearly 100 EOIs and more keep arriving every hour. From what we can tell initially there are some very promising projects being put forward.
“So that we can assess these efficiently, we need to pause the application process for a little while to deal with the EOIs we have already received.”
However, if businesses have missed out on the current application window, they should not be concerned. Gary added:-
“Once we have worked our way through the initial wave of applicants, we will reopen the application process. And we want to assure businesses that, even if all the businesses that have submitted EOIs so far go on to be awarded grants, there is a significant amount of funding left.
£Business will be able to apply later if they have been unable to submit an EOI during the recent application period.
“We ask everyone to keep an eye on the Invest in Shropshire and/or the Shropshire Council website for further news.”
Mark Jones, Shropshire Council’s Cabinet member for growth and regeneration, said:-
“This is another great opportunity for our small businesses. It’s an opportunity that has obviously been well received, and the team are working hard to notify everyone who has submitted an EOI during this first call for applications. We want to reopen the application process as soon as possible.”
Businesses requiring further information about the grant should visit ; https://www.investinshropshire.co.uk/relocating-and-investing/uk-shared-prosperity-fund/
Anyone with any questions or queries about applying should email [email protected] Unfortunately, queries cannot be dealt with over the phone.
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 UK shared Prosperity Fund in Shropshire, visit: https://www.investinshropshire.co.uk/uk-shared-prosperity-projects/
