UKSPF Business Enterprise Fund – Round 5

Aim of Scheme

• The UKSPF Business Enterprise Fund is a capital equipment grant scheme that has been funded by the UK Shared Prosperity Fund. Its aim is to enable Herefordshire businesses to increase their productivity and become more resilient through the adoption of new (to the business) technologies and processes.

How much you can apply for?

Capital grants are available for businesses to help them purchase equipment, up to 75% of the total project costs.

• Minimum grant £5,000 – project costs must be at least £6,666
• Maximum grant £50,000 – project costs must be at least £66,666 (a higher grant may be considered in exceptional circumstances)

Outputs and Outcomes

• The new item or asset must create a new process within the business or lead to the adoption of a new technology. This must help to reduce the business’s carbon usage directly or can show a wider sustainable environmental benefit.

What the grant or funding is for?

• Capital equipment that enable the business to introduce a new (to the business) technologies or processes to be adopted
• Individual items that cost £500 or more
• The asset / new process and technology must show how it will help to reduce the business’s carbon usage directly or can show a wider sustainable environmental benefit
• Items must be retained until March 2025 or 12 months post final grant payment (whichever is the longest period)
• The grant has to be match funded by the applicant’s business. This is the difference between the grant you are seeking and the remaining cost of your project.

Who can apply?

• Businesses physically located in Herefordshire
• The trading activity and investment must take place within Herefordshire
• Businesses that have been actively trading for more than 6 months.

For more information, visit Herefordshire Council.