With the support of Newark and Sherwood District Council, businesses throughout the district are making big developments expanding their commercial ventures. They’ve gained access to vital grant funding opportunities via the UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund (REPF), giving them the boost they need to grow and thrive.
Over 70 local businesses have collectively received more than £375,000 in grant funding from the UK Shared Prosperity Fund and the Rural England Prosperity Fund throughout 2023 and 2024 to help their businesses to take the next step, diversify or improve their environmental impact and sustainability.
In addition to the grant funding awarded, a further £1m is committed through UKSPF and REPF under the theme of supporting local businesses and the visitor economy, including providing local enterprises with fully funded specialised training, access to one-on-one advisory services, workshops, as well as investment in town centre regeneration and enterprise infrastructure.
Grants to businesses were awarded following various themed competitive rounds, including grants that specifically support rural economic growth through projects such as farm diversification and tourism creation, improving business sustainability and reducing carbon, and encouraging productivity and the scale up of small and micro businesses.
The funding has supported a variety of projects for businesses, such as capital grants for expansion of event venues, leisure and hospitality sites, funding to purchase key production and manufacturing equipment, solar panel and energy efficiency solutions, and purchases to help businesses improve processes or enhance productivity.
The successful grant recipients include The Sherwood Food and Drink Company, Hockerton, which received funding through REPF towards the purchase of key manufacturing and production equipment to support the scale up of their local oat-based milkshake business, Devoated. The project safeguarded two jobs, supported the future recruitment of one job, introduced new products to market, and introduced new processes to the firm to help significantly grow the business.
The owner of Devoated, Oliver Christy, said: “The Rural England Prosperity grant funding has been instrumental and essential in enabling us scale up our operations and support our business plan…we have been able to fit out our unit and purchase equipment much quicker than we would have otherwise been able to do.”
The UKSPF and REPF are Government funds available until March 2025. Businesses received funding through competitive rounds, and all current funds have now been distributed.
