UKSPF Business Growth and Investment Fund (UK)

Aims

• The aim of the grant is to support business growth in Herefordshire; creating more and better paid jobs and improving productivity. The grant will also support businesses to adopt new (to the business) technologies and processes and create new products and/or services, improving business competitiveness.

Funding Information

• Capital grants are available for businesses to help them purchase equipment and undertake building works, up to 75% of the total project costs.
• Existing businesses (trading 12 months or more):
  • Minimum grant £5,000 – project costs must be at least £6,666
  • Maximum grant £24,999 – project costs must be at least £33,333 (a higher grant may be considered in exceptional circumstances)
• Start-up businesses (trading less than 12 months):
  • Minimum grant £5,000 – project costs must be at least £6,666
  • Maximum grant £10,000 – project costs must be at least £13,333
• If applying purely for building works the maximum grant will be £18,750.

Outcomes

• A successful application must be able to deliver one or more of the following by 1 March 2026:
  • New jobs
  • New (to the business) technology or process
  • Creation of a new product/service to the market
  • Sqm of commercial space converted or improved

Uses of the Fund

• Eligible Uses:
  • Capital equipment
  • Internal building works (not including maintenance) below £25,000 in value
  • Individual items that cost £500 or more, unless part of a package and from a single supplier – please speak to the Grant Team
  • Items/works must be retained until 31 March 2026 or 12 months post final grant payment (whichever is the longest period)
  • The grant must 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. The source of the match funding cannot be from other UKSPF or public funds for the item you are purchasing
• Eligible Uses:
  • Purchase of land or buildings
  • New build, extensions and maintenance costs
  • Revenue costs/running costs, for example consumables, stationary, salaries
  • Stock items, sample products and demonstrators
  • Services, for example solicitor fees, legal insurance, planning fees
  • Marketing costs, software licences and websites (including upgrades)
  • Development and integration of new software systems which will not be capitalised within the business accounts
  • Training
  • Renewable energy installations, as a standalone project or main focus/cost of the project
  • Corporate responsibility items – health and safety
  • Like for like replacements of obsolete equipment with little or no added value
  • Furniture
  • Computers (only considered if critical for adoption of new technology)
  • Mobile infrastructure, for example vehicles, trailers
  • Items purchased through hire purchase agreements
  • Second hand if not covered by six month warranty
  • Individual items less than £500 in value (unless part of a package – see above)
  • Works to domestic or residential buildings
  • Speculative building projects

Eligibility Criteria

• Businesses physically located in Herefordshire
• The trading activity and grant investment must take place within Herefordshire
• Businesses that have been actively trading for more than six months at application stage
• Tenants with a minimum of 12 months unexpired term on their lease on completion of the grant project, for example December 2026

Ineligibility Criteria

• Businesses involved in primary production (farmers). Funding for this type of business is available from Defra funding for farmers
• Start-up businesses (trading actively less than six months on 11 May 2025)
• Public authorities including town and parish councils
• Voluntary groups
• Social enterprises that are not involved in economic activities
• Businesses where the majority of income comes from public sources
• Franchise businesses/national chains
• Non-economic activities
• Gambling/betting establishments
• Any business activity that is illegal or deemed unsuitable for public support by Herefordshire Council
• Businesses whose registered address is in Herefordshire but no trading activity is in Herefordshire
• Businesses with a religious focus, where the project or activity does not benefit the wider community and includes religious content
• Property developers and landlords
• Projects without planning permission or those which will not receive a planning decision by full application deadline (1 June 2025)
• Any business that is in arrears with business rates or Council Tax payments or otherwise in legal dispute with Herefordshire Council

For more information, visit Herefordshire Council.