Shared Prosperity Fund in Swansea

Anchor projects approved for £38.4m Shared Prosperity Fund package

Communities and places, local businesses and people and skills throughout Swansea will soon benefit from a £38.4m boost with the Shared Prosperity Fund.

The Shared Prosperity Fund is one of the UK Government funds replacing European funds that are no longer available after Brexit. It’s also part of the UK Government’s levelling-up agenda.

Now approved by Swansea Council’s Cabinet, anchor projects in Swansea will include:

A package of schemes to support Swansea businesses including start-up grants, growth grants, carbon reduction grants, training for businesses to move towards net zero carbon, and a commercial property development fund

A pathways to work employability project that will include support for economically inactive and long-term unemployed people aged 16 and over, paid work placements and a £2m grant funding open call for specialist employability support

Transforming places throughout the county, with projects earmarked to include grant funding for historic structures and conservation areas, improvements to villages and small town centres, and heritage-led regeneration activities and trails

A culture and tourism anchor project that will include the development of a creative network, digital skills and support for businesses in that sector

A supporting communities project that will provide grant funding for community and third sector projects

Boosting rural areas with funding for rural community development, climate change themed activities and support for rural businesses

Run by Swansea Council, more information and application details for grant schemes forming part of these projects will be made available in the coming weeks.

Open Call for Skills

There will also be an open call for skills-related projects of £3m, and a call for projects focused on supporting adult numeracy under a multiply theme that’s worth £5.2m.

A general open call will help deliver a regional investment plan for South West Wales that was approved by the UK Government in December, 2022. That will be worth at least £8m for eligible external projects as part of the overall funding package.

Cllr Rob Stewart, Swansea Council Leader, said: “Now that these projects have been approved by cabinet, we’ll be looking to introduce them as soon as possible.

“Application and bidding details will be announced as soon as they’re finalised because we recognise how important this funding is to local people, communities and businesses.

“Despite this funding being considerable reduced in comparison to previous EU funds, we’ve worked hard to develop projects that will have the most impact – from investment in people’s skills and employability to schemes that will boost our urban and rural communities.”

Each of the four regional local authorities in South West Wales have their own local anchor projects due for imminent approval.

Swansea Council is the Shared Prosperity Fund lead regional local authority for South West Wales.