Council directs UK Shared Prosperity Fund investments to local projects.

Members of the Council’s Economy and Resources Committee (E&R) received an update on the 30^th January on the Council’s progress of delivery on the UK Shared Prosperity Fund (UKSPG). These updates are timed to coincide with the six-monthly reports which are required to be submitted to the UK Government.

The Programme Panel has so far met 6 times and has approved 12 projects within the region with a total value of £2,994,628.96.

In the Local Business priority, as agreed at E&R in June 2023 a Climate Resilience Fund has been established and publicised to local businesses. £288,000 was allocated to this project which is now live. In addition, the capacity building for social enterprises has been through the procurement process with a contract value of £48,000. A Local Business Partnership has been established for distribution of the remaining funding.

A Programme Panel was set up in compliance with the actions outlined in the UKSPF report to this Committee on 8 June 2023. The Programme Panel has met 6 times and has approved 12 projects with a total value of £2,994,628.96.

The Community and Place priority funding has been considered by the Place Planning Partnership. The Programme Panel has received four proposals with a total value of £1,213,200. This includes Revenue support for development of place plans for Borderlands towns.

The People and Skills priority funding has been considered by the Local Employability Partnership. The Programme Panel has received six proposals with a total value of £1,445,429. These include supporting work-based skills and personal development through volunteering; addressing health related work issues and barriers to work; the provision of entrepreneurial training and seed funding; and provision of employability support to individuals in the region on a 121 basis.

Chair of Economy and Resources, Councillor Ian Carruthers said: “Through investing in our region’s businesses this funding supports a diversified and growing local economy that benefits all. SMEs are supported to start and helped to grow, and investment in the region benefits both communities and the local economy. I am please to see the progress and good work that this funding is aiding.”

Vice Chair, Councillor David Inglis said: “The UKSPF is designed to empower and explore how best to tackle local challenges– whether through building skills, supporting local businesses, supporting communities and places, or providing employment support. Our Council see this fund as a way to build communities where people want to live, work and visit. It is helping to diversify and grow our local economy to benefit all.”

ENDS