TO small business grant launched last week has proven so popular that the current application process has been "paused".
The UK Shared Prosperity Fund team within Shropshire Council launched their Small Capital Business Grants Scheme on Wednesday 6 March 2024 and within hours received an overwhelming number of 'Expressions of Interest' ( EOI).
All applicants were required 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 project that successfully passes this initial stage will be invited to submit a full application.
Gary Spence, technical and external finance director for Shropshire Council's business growth and investment team, said:
โWithin hours we had received almost 100 EOIs and more continue to arrive every hour. From what we can initially see, some very promising projects are being presented.
"In order for us to evaluate them efficiently, we must pause the application process for a time to address the EOIs we have already received."
However, if companies have missed the current application deadline, they should not worry. Gary added:-
โOnce we have gotten through the initial wave of applicants, we will reopen the application process. And we want to assure companies that even if all companies that have submitted EOIs so far receive grants, a significant amount of funding remains.
ยฃBusinesses will be able to apply later if they have not been able to submit an EOI during the recent application period.
โWe would ask everyone to keep an eye on the Invest in Shropshire website and/or Shropshire Council for further news.โ
Mark Jones, Shropshire Councilโs cabinet member for growth and regeneration, said:
โThis is another great opportunity for our small businesses. It's an opportunity that has obviously been well received and the team is working hard to notify everyone who submitted an EOI during this first call for applications. โWe want to reopen the application process as soon as possible.โ
Companies that require more information about the subsidy should visit ; https://www.investinshropshire.co.uk/relocating-and-investing/uk-shared-prosperity-fund/
Anyone with any questions or queries regarding the application should email ukspfgrants@shropshire.gov.uk Unfortunately, queries cannot be answered by phone.
More information
The UK Shared Prosperity Fund is a central pillar of the Government's Leveling Up agenda and provides ยฃ2.6bn of funding for local investments until March 2025. The fund aims to improve pride of place and increase life opportunities across the UK by investing in communities and places. supporting local businesses as well as people and skills.
For more information, visit the UK Shared Prosperity Fund: https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus
To find out more about the many projects funded through the shared UK Prosperity Fund in Shropshire, visit: https://www.investinshropshire.co.uk/uk-shared-prosperity-projects/
