The UK Shared Prosperity Fund (UKSPF) was launched in 2022 to replace EU Structural and Investment Funds post-Brexit. It has a total budget of £3.5 billion, running to the end of March 2026. UKSPF finances projects across the three themes — Communities and Place, Local Businesses, and People and Skills — and each of these includes enterprise-relevant applications. In England, funding is allocated to local authorities and delivered through Local Investment Plans. The designated lead organisation within places differs across the UK nations and varies across England according to the structure of local government in each place.

UKSPF is focused on resource spending not capital investment. For entrepreneurs, UKSPF-backed schemes may offer grants, mentoring, workspace, and training. Unusually, there are no formal requirements on managing authorities to secure matching financial contributions to UKSPF projects. The fund is designed to be nimble in its support for new local initiatives. If a proposed project appears on the list of pre-approved intervention types set out in guidance, and it aligns with the Local Investment Plan, then the paperwork required to approve and launch the project is minimal compared to previous funds. 

Entrepreneurs can engage with their local managing authority (find yours here) to explore UKSPF-funded opportunities. Though the fund is time-limited, its legacy may shape future local growth programmes.

Further reading

This entry was written by Mike Spicer. Mike is the Founder and Managing Director of Policy Department.