South Shropshire's small businesses stand to benefit from a new round of funding, thanks to the UK Shared Prosperity Fund. Applications opened on Monday 12th May for the 'Small Capital Grant Scheme', which is designed to help small businesses to grow and innovate.
The scheme, which match-funds new business investment, has benefitted 77 businesses in Shropshire over the past year - with £470,000 in funding awarded to local enterprises. This includes New Hope Daylilies in Bishop's Castle.
Designed to boost small companies with between 1 and 49 employees, the scheme offers grants of between £2,000 and £10,000. These can be used to create new employment opportunities or to develop new products, processes, and services.
Funding for the scheme comes from the UK Shared Prosperity Fund. It was set up by the last government with £2.6 billion to invest in initiatives that improve pride in place and increase life chances across the UK.
Over £12 million has so far been allocated to Shropshire through the Fund. Ministers have stated that they will continue the funding for a further year albeit at a reduced level, after Stuart had campaigned for an extension to it.
Stuart said he is committed to supporting small businesses in South Shropshire, after more than one million businesses were created under the last government between 2010 and 2024.
It is part of Stuart's campaign to unleash rural prosperity in South Shropshire. This is about providing opportunity, development and growth that will unleash rural prosperity across the constituency.
The support is the latest addition to Stuart's Business Support Finder. This signposts a range of grants, tax reliefs, and competitions that local businesses may be eligible to apply for.
However, Stuart has expressed his concern that businesses are closing at the highest rate since the pandemic. It has also been reported that recruitment is at an all-time low and one in three employers are planning redundancies.
Stuart said this is a damning indictment of the government's decisions, which includes April's hike in employer's National Insurance Contributions (NICs). This increased statutory employment costs by £800 per employee.
Stuart Anderson MP said:
"South Shropshire is home to more than 5,000 small businesses and traders. They underpin our rural economy. So, I am glad to have secured an extension of the Shared Prosperity Fund. This scheme, which the last government launched, includes grants for small businesses in Shropshire - a further round of which opened on 12th May. Yet, I am worried that businesses are closing at the highest rate since the pandemic. This is due to the government's decisions, which have driven recruitment at an all-time low and resulted in one in three employers now planning redundancies. It is crystal clear that the Prime Minister must do the right thing and scrap the prohibitive Jobs Tax, which charges employers an extra £800 for each employee.
