UK Shared Prosperity Fund: Local Business Priority Fund

Information about the fund

Neath Port Talbot Council would like to invite funding applications for its Local Business Priority Fund.

This capital and revenue funding, made available through the UK Government’s Shared Prosperity Fund is aimed at:

• business owners
• commercial property owners

Themes of the Fund

1. Property
2. Growth
3. Innovation
4. Building Capability & Capacity

The aim of the Local Business Priority Fund is to support projects in Neath Port Talbot that address immediate local priorities. The Fund seeks to support projects that create sustainable growth in our local economy.

Neath Port Talbot CBC sees investment in our local businesses as critical to supporting local communities and the regional economy.

Investment in the development of local businesses is essential to ensuring the long-term sustainability of any venture, through building capacity, increasing productivity, improving skills and developing their flexibility to respond to the changing needs of the wider economy.

With such investment, Neath Port Talbot cultivates a more resilient, innovative and versatile economy, with a skilled and flexible workforce that is able to withstand the challenges that face the global economy over time.

Available Funding

Minimum Grant Award: Up to 70% of costs, not below £50,001.

Maximum grant award: Up to 70% of costs, not exceeding £250,000.

Any activity funded by the Local Business Priority Fund must clearly take place in NPTCBC.

All grant awards are discretionary, and will be considered on a case-by-case basis.

Eligible Activities

Property

• Improvement, refurbishment or fit-out of owner occupied or leasehold commercial property

Growth

• Revenue and capital grants for business growth where it can be demonstrated that the applicant business has a clear and identifiable growth plan
• Funding where the applicant can demonstrate that jobs will be created or safeguarded as a direct result of the investment

Innovation

• Funding for capital and revenue investment in businesses involved in the Research, Development and Innovation sector
• Funding for projects that demonstrate Innovation, i.e. new innovation in processes/products/services/technology

Building Capability / Capacity

• Funding for diversification of the local economy – businesses within key business sectors entering new markets/industries/new business extending sector offer
• Funding for projects that support supply chain development associated within the delivery of key regional projects and/or contributing to the capacity of key growing or emerging sectors such as FLOW, ICT/Software, Manufacturing, Engineering and Renewables or Low Carbon activities

Applicant information

To discuss your proposed project and request and application form please email: LBPF@npt.gov.uk