INVESTMENT PRIORITY: SUPPORTING LOCAL BUSINESS
The UK Shared Prosperity Fund (“UKSPF”) is a central pillar of the UK government’s ambitious Levelling Up agenda and a significant component of its support for places across the UK. The three priority areas under UKSPF are:
1. Communities and Place
2. Supporting Local Business
3. People and Skills
Investment Priority – Supporting Local Businesses (Socially Trading Organisations)
The Third sector is an important source of delivery and employment in the City Region. The Third sector employs 50,000 people, one in ten of the city region’s workforce, with 1300 socially trading organisations generating £2.9 billion per year for the city region economy.
The aim of this funding is to support the growth of the social economy. The support will help develop the commercial models of businesses in
this sector and to develop capacity within the management of these organisations to help them thrive and grow.
As outlined in the Plan for Prosperity, The Liverpool City Region (LCR) Combined Authority (CA) ambition, is to bring the economy of the whole city region up to national and global levels of investment, innovation, and growth, and to do so in a way that is environmentally sustainable and socially inclusive. The LCR can and will play a significant role in levelling up the UK economy, boosting national prosperity, and improving the lives of residents.
For a Fairer Region, we need to be a leader in social innovation and one of the most inclusive economies in the world. We have taken proactive action to tackle inequality and provide more opportunities for all our residents.