UK Shared Prosperity Fund Business Grants

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The UK Shared Prosperity Fund (UKSPF or the Fund) is a central pillar of the UK government’s ambitious Levelling Up agenda and a significant component of its support for places across the UK.

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Business Capital Grant

This grant scheme is now closed for new applications.

The Business Capital Grant aims to provide financial assistance to businesses with the primary goal of supporting their investments in capital assets. Capital assets typically include long-term assets such as machinery and equipment, that are essential for business operations and growth.

The program is designed to help businesses future proof their operations by facilitating the acquisition of key assets that contribute to increased productivity, efficiency, and competitiveness.

Eligible Activities

This Capital grant can cover businesses investing in tangible and intangible assets, diversification of the output of an asset into new additional products, or a fundamental change in the overall production. This may include capital expenditure on the acquisition or creation of fixed assets.

Typical projects could be:

  • CNC Machines & Laser Cutters
  • Spray Paint Equipment
  • Industrial Printers and printing equipment
  • Shot Blast units & Compressors
  • Warehouse racking and Forklift trucks
  • Drones & Specialist video equipment but not software
  • Capital costs associated with building expansions, such as materials associated with new expansion or buildings (not acquisitions of new freehold or leasehold properties and/or refurbishment of existing land and buildings).

Small and Micro Businesses – Maximum amount of funding £5,000 up to a 40% intervention rate

Open to All Sized Businesses – Maximum amount of funding £50,000 up to a 30% intervention rate

Business Sustainability Grant

This grant scheme is now closed for new applications.

The Business Sustainability Grants prime objective is to support businesses in reducing their energy related overheads whilst also seeking to reduce the regions CO2 emissions as a direct result. This will allow businesses to increase their profit margins, protect employment for residents of North Lincolnshire and our localised economy. Its aim is to support those businesses seeking to invest within the region; in technologies and products that will directly reduce their energy consumption, reducing their overheads and CO2 emissions by offering financial incentives directly to support and promote these investments. This grant scheme is designed to allow businesses to invest in the short term for their longer-term sustainability and support the UK government to achieve a Net Zero economy by 2040.

Eligible Activities

  • Energy production infrastructure – solar PV, biomass boilers etc.
  • Energy Efficient Products – LED lighting and associated energy saving technologies.
  • Building Improvements – Replacement boilers to more efficient or heat source pumps, improving insulation etc.

Typical projects could be:

  • Purchase of LED lights throughout the business property.
  • Purchase of solar panels on roofs for generation on behalf of the business.
  • Upgrade of inefficient boiler to a modern, hydrogen ready boiler.
  • Upgrade of inefficient heating systems to more eco-friendly solutions.
  • Purchase of supplementary battery storage systems associated with renewable energy production.
  • Purchase of EV charging stations.
  • Building Management systems to reduce energy consumption.

Small and Micro Businesses – Maximum amount of funding £5,000 up to a 40% intervention rate

Open to All Sized Businesses – Maximum amount of funding £30,000 up to a 30% intervention rate

Digital and Marketing Grant

This grant scheme is now closed for new applications.

The proposed scheme will offer revenue aid to businesses to help them invest and safeguard existing jobs but also seek to create further growth leading to new skilled employment opportunities for residents. The grant can cover businesses purchasing digital marketing campaigns, use of consultants to assess how to improve the reach of the business and/or the installation of new technologies as part of the wider project.

Eligible Activities

  • Digital Marketing – google ad words campaigns, consultant costs looking at digital improvements across the business. (Revenue)
  • Marketing Campaigns &/or marketing consultancy (Revenue)
  • Business growth consultancy support (Revenue)

Typical projects could be:

  • Purchase of new software to improvement customer management journey
  • Investment into AI technologies/software (please note – no support will be available for investment into any associated hardware for AI technologies).
  • Purchase of bespoke software to deliver a new service/product.
  • Contribution towards a digital marketing campaign
  • Procurement of marketing consultants to develop a new marketing strategy for a business looking at growing its client reach.
  • Moving a current website from regional / nation to international market – to increase existing export potential.

Open to All Sized Businesses – Maximum amount of funding £10,000 up to a 40% intervention rate

To complete a grant application form, you will need to be able to provide the below evidence and it may be beneficial to prepare these documents ahead of the grants being launched:

  • Three Years of Full Audited Accounts to include Profit & Loss, Balance Sheet & Associated notes (if a business cannot provide this then the business must provide two year forecasted P&L and cashflow if you have not been trading for more than 3 years’)
    • Please note – failure to submit adequate accounting information may result in businesses being deemed ineligible/not proceeding beyond due diligence stage. If you are unsure on what is required, please contact businessinfo@northlincs.gov.uk for advice.
  • Copy of Quote from Supplier (you will need to supply 3 quotes for all investments which exceeds £2,500).
  • Copy of Business Bank Statement to ensure compliance with regulations. (This must show bank account name, sort-code, account number – applicants can redact any further information).
  • Evidence of payroll at the point of application (BACS payroll run, HR List print off etc.) and this must match the information provided on the application form.
  • If the business is not a limited company than evidence of their Unique Tax Reference details.
  • Supporting Evidence (if available) – such as Energy Audit Report, consultancy reports etc.
  • Ownership Structure Chart if the company is part of a larger group (If applicable)
  • Credit Agreements for any financing solutions being utilised (if applicable)

If you would like to discuss further with one of the team, please feel free to contact businessinfo@northlincs.gov.uk.