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UK Shared Prosperity Fund

Find out about projects in Rutland supported by the UK Shared Prosperity Fund (UKSPF)
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The UK Shared Prosperity Fund is a central pillar of the UK 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 Prospectus (GOV.UK).

Rutland County Council were allocated UK Shared Prosperity Funding to spend on projects over three priorities:

  • communities and place
  • local business support
  • people and skills

Rutland County Council were also allocated Rural England Prosperity Funding. The Rural Fund is integrated into the UKSPF which supports productivity and prosperity in places that need it most. For eligible local authorities, the Rural Fund is a rural top-up to UKSPF allocations.

Projects in Rutland supported by the UKSPF

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Rutland Rural Enterprise Grant

Rutland County Council have opened the Rutland Rural Enterprise Grant, a new initiative funded by the Rural England Prosperity Fund (REPF). This grant scheme is designed to support small and medium businesses in rural areas of Rutland, with the aim of driving economic growth, business diversification and innovation, and promoting sustainable practices.  

This grant scheme has received £200,000 from the UK Government through the UK Shared Prosperity Fund, of which the REPF is an extension.  

Businesses can apply for grants between £5000 - £20,000 for their projects. The grant will fund up to 50% of the total project costs, and the projects applied for must be capital. Projects must be completed by 31 January 2025. 

Businesses are able to submit an Expression of Interest (EOI) for this scheme, however the funding has been fully subscribed. Further applications will be on a waiting list and will be invited to submit a full application if funds become available. 

Applicants must demonstrate how their project will deliver the ‘Business growth’ objective, and at least one other:  

  • business growth  
  • job creation  
  • community cohesion  
  • innovation  
  • green growth  
  • wider economic impact

How to apply

  1. carefully review the grant criteria to determine your project's eligibility
  2. consult with a business adviser for guidance on preparing your application and reviewing your project - contact Rutland's Business Lincolnshire adviser at harry.haslam@bizlincolnshire.com - this support is free to Rutland businesses
  3. fill out an Expression of Interest (EOI) form with details about your project
  4. your EOI will be evaluated. If your project appears eligible, you will be invited to submit a full application
  5. submit the full application
  6. your application will undergo assessment
  7. if your application is successful, you will receive a grant offer
  8. once the grant offer is accepted, you can progress with your project - please note that grants are paid in arrears, meaning that the funds will be disbursed after the expenses have been incurred and reported - you will need to cover the initial costs and then submit the necessary documentation to receive reimbursement
  9. upload evidence of spending and of your project outputs and outcomes
  10. once satisfactory evidence has been received, you will receive the grant funds

Rutland County Council have partnered with NBV Enterprise Solutions Ltd to help with the administration of this grant scheme. You can contact them by emailing grants@nbv.co.uk.

Business Lincolnshire

Businesses and individuals looking to start a business in Rutland, can access funded support through Business Lincolnshire. This includes:

  • 1-2-1 business advice
  • workshops and events
  • sector specific support
  • net zero
  • growth programmes
  • digital support

Visit the Business Lincolnshire website to find out more and access this funded support.

Rutland Growth Masterclass

Rutland County Council, in partnership with ActionCOACH, is launching a 12-week Rutland Growth Masterclass Programme for local business owners, leaders, and managers. This in-person course aims to enhance growth strategies, improve decision-making, and develop leadership skills. Supported by the UK Shared Prosperity Fund, the 12-week course costs just £200.

Programme Overview

Delivered by global coaching leader ActionCOACH, the programme focuses on:

  • effective growth strategies
  • enhanced planning and decision-making
  • leadership development

This initiative equips Rutland's business community to thrive in a competitive environment.

Key Details

Cost: £200 (the majority of the course is funded by Rutland County Council through the UK Shared Prosperity Fund)

Start: October 2024

Introduction Event: Tuesday 17 September – learn more and check eligibility

Find out more and enrol now for the Rutland Growth Masterclass Programme via the ActionCOACH website.

Rutland Innovation Business Support

The Rutland Innovative Businesses Support (RIBS) brings together support for Businesses in Rutland County from all three Leicestershire Universities: De Montfort; Leicester; Loughborough who collaborate as the Civic Universities Partnership for the city and counties of Leicester, Leicestershire and Rutland.

RIBS is set to run from October 2024 to March 2025 and draws on the combined strengths and successful track records of the universities to support innovative activities in Rutland.

RIBS provides introductory access to innovation support; specialist facilities/equipment and technical resources working with the Leicestershire universities

Funded Opportunities

RIBS has 10 funded Innovation Voucher opportunities up to £3.5k value to work with the universities to access support. The first deadline for full applications is Monday 18 November 2024. A second deadline will be set if all opportunities are not taken in November. Businesses, however, are encouraged to participate as soon as possible as the amount of Innovation Vouchers are strictly limited.

What can I use an Innovation Voucher for?

Innovation is about doing things differently or doing different things to make your business better. An Innovation Voucher can help you take a creative approach to tackling specific business issues. Typical projects are:

  • help to develop new or improved products, processes and services
  • access to information and expertise on new materials
  • tapping into research and scientific/ technical expertise
What can’t I use an Innovation Voucher for?

Where an existing solution is readily available from the private sector, it is unlikely that an Innovation Voucher will be awarded. Whilst we support a broad range of projects, there are some activities RIBS will not support through an Innovation Voucher.

These are typically (not an exhaustive list):

  • standard mobile apps
  • general sales activities
  • standard business advice
  • general marketing activities
  • buying training for your business
  • business plans and economic appraisals
  • website development and online optimisation
  • software purchases and basic software development
  • aid that would promote or subsidise the cost of exports
  • achieving compliance with statutory regulations or legislation
  • testing products that are not within the ownership of your business
  • project costs incurred prior to the issue date of the RIBS Innovation Voucher

There are also a limited Innovative Capital Grants Programme of 50/50 match funded projects for equipment and/or technology that you can discuss with the Universities. RIBS requires that the spend for such grants is defrayed before 21 March 2025.

Innovation Events

RIBS is running a series of events in Rutland designed to engage, promote and develop meaningful business and entrepreneur collaborations with the universities.

The first event will be a Knowledge Transfer Partnerships Roadshow on 6 November 2024 at the Kings Centre in Oakham as part of the Leicestershire Business Festival. The KTP Roadshow which is designed to bring the universities to businesses to make it easier for organisations to meet the KTP and student placement teams of each university and start their innovation collaborative journeys.

Further in-county events will be scheduled shortly whereby businesses can liaise with researchers who are already working with industry to adopt and embed new technologies and innovation. Rutland businesses can also register their interest to join mailing lists for Innovation Events at each of the three universities through the RIBS project - these will continue after March 2025.

Stay up to date on future events by signing up to the Think Rutland Newsletter and following Think Rutland on LinkedIn.

Who can apply

  • micro, small and medium enterprises based and operating in Rutland can apply for this support
  • businesses that have already received grant payments equivalent to the maximum allowable government or public subsidy levels will not qualify for additional funding - hence, businesses will need to disclose any grants they've previously received in their application
  • to clarify, businesses under administration, insolvent, or subject to a striking-off notice are ineligible for funding through this scheme
  • this grant funding cannot fund revenue projects or operational expenses.

How to apply

Businesses are encouraged to participate as soon as possible, as the scheme runs only until March 2025. To get started, submit an Expression of Interest (EOI).

Once submitted, the universities will review the EOI, contact you to discuss your business needs, and identify the best support options, such as the voucher scheme or grant support. If the project is suitable, you will be guided through the full application process. The complete criteria will be provided after submitting an EOI.

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