UK Government Shared Prosperity Fund
The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK, investing in communities and place, supporting local business, and people and skills.
The UK SPF will support the UK government’s wider commitment to level up all parts of the UK by delivering on each of the levelling up objectives:
- Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging
- Spread opportunities and improve public services, especially in those places where they are weakest
- Restore a sense of community, local pride and belonging, especially in those places where they have been lost
- Empower local leaders and communities, especially in those places lacking local agency.
A separate fund called Multiply focuses on improving adult numeracy skills.
Cardiff Capital Region Investment Plan
The SPF was allocated across the UK on a needs-assessed basis and the 10 Local Authorities in the Cardiff Capital Region received a combined allocation of over £230m, and a further £48m for Multiply. To draw down this funding, all local authorities within the region were required to develop a single collaborative regional investment plan.
Bridgend County Borough council worked with other South-East Wales local authorities to submit the Cardiff Capital Region Investment Plan to the UK Government. This plan outlined the opportunities, challenges and key priorities for the Cardiff Capital region, including Bridgend. A regional approach will provide opportunities to share learning and best practice and identify areas for collaboration.
Rhondda Cynon Taf Council, as the designated lead authority, will receive the area’s allocation and undertake strategic management of the fund.
Business Support Grants
Our grant schemes support start up business and companies already trading or investing in the county borough. Each grant scheme has specific eligibility criteria. Applicants should refer to the particular grant scheme guidance before applying. Grants include:
- Business Development Grant
- Business Feasibility Grant
Strategic Regeneration Grants
Our current grants support commercial property improvements that will regenerate and improve town centres (Bridgend, Porthcawl and Maesteg) and the district centres and local service centres in the valleys of the Llynfi, Garw and Ogmore. Grants include:
- Bridgend Valleys Placemaking Property Improvement Grant
- Empty Property Survey Grants
Community Feasibility Fund
The Community Feasibility Fund is funded by the UK Government Shared Prosperity Fund (UKSPF) for Communities and Place.
It is a funding support programme specifically for the development of community regeneration projects.
The fund continues the success of the Reach programme with the aspiration of developing Bridgend’s communities into thriving places to live, visit and work.