Agenda item

RESOLVED UNANIMOUSLY: That the Economic Development and Skills Policy Committee Policy Committee:-

a)    Approve the use of £4.55 million of UKSPF revenue funding to provide business support to Sheffield businesses through the following four key projects –

•     Launchpad – £850,000 UKSPF revenue funding for start-up and early stage business support including workshop programme, specialist advisor 1-2-1 support and a small grants programme for start up businesses.

•     Productivity and digital innovation grants – £2.1 million UKSPF revenue funding for SME’s to access grants to support productivity gains and digital adoption in the business.

•     Low carbon – £1.3 million UKSPF revenue funding used to provide sustainability audits and grants to improve the energy efficiency, reduce carbon consumption of Sheffield SME businesses.

•     RISE – £300,000 UKSPF revenue funding to provide graduate jobs in Sheffield SME’s, partnership programme with both Sheffield Hallam University and University of Sheffield.

Reasons for Decision

The underlying benefit that this proposal brings to secure external funding to deliver a programme of activity in Sheffield that will cover:

- Addressing the Cost-of-Living crisis

- Support the community sector

- Support to the cultural and visitor economy

- Improvements to the built environment and reduce carbon emissions.

The estimated value of support from SPF to Sheffield is a minimum £4.55 over two years with an expectation of additional private and public match funding

Alternatives Considered and Rejected

A do-nothing option would result in core business support programmes stopping altogether. The proposal as developed specifically looks to address strategic and financial support to increase productivity, reduce carbon emissions, reduce energy costs and help individuals to start businesses in the city. Alternative proposals would have less alignment with the themes developed in the SYSPF Investment Plan and might not be supported by SYMCA.

8.1

The report sought to approve the use of £4.55 million of the UK Shared Prosperity Funding (UKSPF) allocated to Sheffield City Council on four key projects as listed in section 1.3 of the officer’s report.

The Business Growth Manager highlighted the need for transformational change to offer effective support to Sheffield businesses, and in order to deliver this, confirmed that dialogue with regional partners would continue.

RESOLVED UNANIMOUSLY: That the Economic Development and Skills Policy Committee Policy Committee:-

a)    Approve the use of £4.55 million of UKSPF revenue funding to provide business support to Sheffield businesses through the following four key projects –

•     Launchpad – £850,000 UKSPF revenue funding for start-up and early stage business support including workshop programme, specialist advisor 1-2-1 support and a small grants programme for start up businesses.

•     Productivity and digital innovation grants – £2.1 million UKSPF revenue funding for SME’s to access grants to support productivity gains and digital adoption in the business.

•     Low carbon – £1.3 million UKSPF revenue funding used to provide sustainability audits and grants to improve the energy efficiency, reduce carbon consumption of Sheffield SME businesses.

•     RISE – £300,000 UKSPF revenue funding to provide graduate jobs in Sheffield SME’s, partnership programme with both Sheffield Hallam University and University of Sheffield.

Reasons for Decision

The underlying benefit that this proposal brings to secure external funding to deliver a programme of activity in Sheffield that will cover:

- Addressing the Cost-of-Living crisis

- Support the community sector

- Support to the cultural and visitor economy

- Improvements to the built environment and reduce carbon emissions.

The estimated value of support from SPF to Sheffield is a minimum £4.55 over two years with an expectation of additional private and public match funding

Alternatives Considered and Rejected

A do-nothing option would result in core business support programmes stopping altogether. The proposal as developed specifically looks to address strategic and financial support to increase productivity, reduce carbon emissions, reduce energy costs and help individuals to start businesses in the city. Alternative proposals would have less alignment with the themes developed in the SYSPF Investment Plan and might not be supported by SYMCA.