Local Economy Fund

Please note applications for the Local Economy Fund will open on 1 April 2025.

Guidance will be published in advanced of the Scheme opening.

If you have any queries regarding the new Scheme, please call 687333.

Purpose and Funding

The purpose of the Fund is to empower local authorities and other eligible organisations, via access to financial resources, to: -

• Improve, or assist in the improvement of, the quality, appearance or amenity of that area; or
• Increase, the footfall or reduce the number of unoccupied premises in that area.

Projects can include but are not limited to the following: -

• Footfall stimulus;
• Schemes to incentivise local spend;
• Appointment of staff;
• Re-usable equipment;
• Production of marketing materials;
• Signage; and
• Technology etc.

The Fund can provide up to 100% financial assistance to support initiatives or activities that meet the Scheme’s criteria. Applications can be submitted as Standard or Major applications, the details of which are provided below: -

1. Standard Applications:

• Applicants will be eligible to apply for funding of up to £100,000 per year per initiative, activity or resource.
• Standard Applications may relate to funding for up to three years at a rate of £33,333 per year. Major Applications are required for multi-year projects in excess of £100,000.

1. Major Applications:

• Applicants will be eligible to apply for funding for schemes in excess of £100,000 per year per initiative, activity or resource.
• All Major Applications will necessitate a more comprehensive approval process and will require the completion of an extensive business case.
• There is no standardised decision period for Major Applications.

Beneficiaries / Applicants

Organisations that may apply to the Fund include:

• Local Authorities (Commissioners / Council);
• Local trade organisations; and
• Limited companies, partnerships, sole traders, charities or non-profit making organisations with objectives that are consistent with those of the Local Economy Strategy.

Eligibility

• The project must be carried out in a regeneration area; and
• Applicants must declare whether they are up to date with paperwork and payments for Income Tax, NI and VAT, or on an approved payment plan. The Department will seek advice from Treasury regarding these matters and this may result in the application or payment being declined.

Exclusions

• The Scheme is not available to Government Departments.

IMPORTANT NOTES

• Grants are offered entirely at the Department’s discretion, and even if an applicant is eligible via the criteria set out above, applications are reviewed on a case by case basis on their own merits with no guarantee of a grant being offered.
• All applicants are encouraged to engage with the Department for Enterprise before submitting the application form.

The Scheme’s Guidance will be published on this page in the coming weeks in advance of the Scheme opening for applications on 1 April 2025.