What businesses need to know about the extension to the UK Shared Prosperity Fund
The Government has confirmed the extension of the UK Shared Prosperity Fund (UKSPF), providing additional funding to Mayoral and Local Authorities to support economic growth, businesses, and communities.
With £900 million allocated until March 2026, this funding presents a valuable opportunity for businesses and organisations looking to invest in growth and development projects.
While full details of the funding are yet to be announced, now is the perfect time to start thinking about potential projects that could benefit from grant funding.
What we know so far
- The UKSPF has been extended – Local areas across the UK will receive additional funding to support economic regeneration.
- Grants will be allocated at a local level – Funding decisions will be made by Local and Mayoral Authorities, meaning that available grants and eligibility criteria may vary by region.
- A mix of capital and revenue grants is expected – This means businesses may be able to access funding for both physical investments (e.g., new facilities, equipment, infrastructure) and operational support (e.g., training, business growth initiatives).
- Timelines may differ – The scheme is expected to launch in April 2025, but some Authorities may open applications earlier or later.
Why should you start planning now?
Although the full details of the fund are yet to be published, businesses should start identifying potential investment opportunities now.
Many grant schemes have competitive application processes, and having a clear plan in place can improve your chances of securing funding when applications open.
If you are considering a business expansion, innovation project, or community initiative, now is the time to explore how grant funding could help bring your plans to life.
If you want to discuss potential grant opportunities or need help preparing for funding applications, contact our team today.