Cost of doing business - UK Shared Prosperity Fund (UKSPF)

Tender description

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda. Nationally, it provides £2.6 billion of new funding for local investment from April 2022 to March 2025. One of the workstreams under the UKSPF is Supporting Local Business. Within London, £144m has been allocated to the Greater London Authority (GLA) to deliver the following themes: Communities and Place, People & Skills and Supporting Local Businesses.  The GLA has allocated UKSPF funding to local authorities in order to support local businesses within intervention E23 - “Strengthening local entrepreneurial ecosystems and supporting businesses at all stages of their development to start, sustain, grow, and innovate, including through local networks” Over recent months, the cost of doing business in the UK has risen as a result of increased energy costs and inflation. The London Borough of Sutton is using a share of its UKSPF funding to commission targeted support and advice to businesses to help them address the rising cost of doing business and support their future growth and resilience.  This project is being commissioned to support businesses based in commercial premises to respond to the cost of doing business crisis by helping them to reduce their costs. In addition, support can include helping businesses to increase their income to cover rising costs.   Keywords: Costs, Business