£1.89m bid submitted to create new SME workspace across Tameside

Date Released - 26/10/2022

Tameside Council has submitted a £1.89m bid to UK Shared Prosperity Fund (UKSPF) for SME (Small to Medium-sized Enterprise with fewer than 500 employees) Workspace with the aim of providing additional business support as well as modern and sustainable growth space for emerging businesses across the borough.

The bid includes the creation of new town centre (SME) workspace, building improvements to Ashton Old Baths to increase sustainability and to provide flexible working spaces and staff to manage the newly created space and work with new businesses in Tameside.

The submission of the bid was approved by Executive Cabinet Members on Wednesday 26th October and if successful will help provide some relief to council budgets while providing support to emerging businesses.

The UK Shared Prosperity Fund (UKSPF) is a £2.6bn fund designed to succeed and improve upon EU structural funds and focuses on a number of investment priorities including Communities and Place, SME Workspace, Local Business and People and skills.

There are also a range of cross cutting priorities reflected in all UKSPF investment bids including contributing to GM’s 2038 net zero ambitions, reducing inequalities and embedding social value.

The total allocated fund for across GM for the E22: SME Workspace priority is £15m over a three year period. The GMCA is responsible for submitting plans to the Government and will provide grant agreements for the successful projects. All 10 GM Local Authorities have been invited to bid in a competitive process, for a share of the fund. All bids will be scored against an evaluation criteria set by the UKSPF SME Funding Prioritisation report to determine the outcome.

Councillor David Sweeton, Executive Member - Inclusive Growth, Business & Employment stated: “If the bid is successful it will provide invaluable and much needed support for new and existing SME businesses. Not only would it create modern sustainable infrastructure, it will also create jobs and support future generations in line with our Inclusive Growth Priorities. This is particularly important in the current challenging financial climate.”

To read the full report submitted to the Executive Cabinet go to www.tameside.gov.uk. To find out more about the UKSPF visit UK Shared Prosperity Fund - Greater Manchester Combined Authority (greatermanchester-ca.gov.uk)