Shared Prosperity Fund Frequently Asked Questions
- General questions
- Do I need planning permission to be in place for my project to be considered?
- I received a grant from this fund last year so can I apply for this round of funding?
- What expenditure counts as capital expenditure?
- Can I use this funding to secure funding to replace my laptop or mobile devices?
- Can I use this grant to purchase electric vehicles?
- Can I use this grant to purchase second hand equipment?
- Can I change how I allocate the grant funding once it has been approved?
- I need to start my project before 1 April 2024 can I do this?
- Can I claim for costs I have already incurred for my project?
- Can VAT charges be included?
- When will I be reimbursed for the expenditure I have incurred?
- Business questions
A: Yes. We require a high degree of certainty that your project can be completed in time. Please ensure that you can evidence that you have taken this into consideration, and if required planning permission has been obtained
A: Yes. You are permitted to apply. However the project would need to deliver additional value / benefits and be materially different from your initial project.
A: Capital expenditure, or Capex, is money invested by a company to acquire or upgrade fixed, physical or non-consumable assets. Typically, this is a one-time investment and would for example include additional assets such as machinery, equipment and building which add asset value to the balance sheet.
A: No. The aim of the grant is to enable businesses to buy equipment which requires investment and will make a positive contribution to rural community. It is not intended for the purchase of portable electronic equipment or replacement office equipment.
A: No. Funding of vehicles is not permitted.
A: Yes. Second hand equipment can be included if the requirement for three quotes has been met and you can demonstrate a certainty that the full amount requested will be spent.
A: Under certain circumstances this may be possible, such as significant supply issues. But you must discuss and justify the change of requirements with your Funding Advisor and secure approval from the council prior to any adjustments being made or costs being incurred.
A: No. The funds are not available until the new financial year.
A: No. There us hard ruling that any expenditure incurred prior to a grant agreement being in place a fully authorised cannot be included.
A: No. The council cannot fund any tax HMRC liability incurred as part of the project.
A: Payment will only be made once you have submitted evidence of the project being complete and payment for your items has been made via your approved bank account.
A: Yes. Sole traders are eligible but will need to demonstrate they meet all the funding requirements and are operating in business premises.
A: Under this scheme, businesses with up to 50 Full Time Equivalent (FTE) staff can apply for capital grant funding. This funding can be invested into projects to boost turnover, improve productivity and increase jobs.
Our expectation is that most money goes to rural small & micro business (Small, less than 50 FTEs Micro less than 10FTEs).
A: This grant is aimed at established businesses. There is a requirement to demonstrate financial viability which includes evidencing your financial suitability with a full set of accounts and proven trading history.