Sheffield’s Struggling Business Sectors Receive Funding and Support

Sheffield has been named as one of first cities in the country to benefit financially from Levelling Up plans announced by the government. Funding of £1.5 billion is to be made available from April this year to transform derelict city centre sites across the country into vibrant communities with new homes and job opportunities. While critics of the plan claim that money had already been allocated last year, Sheffield will be given £13 million to fund its own regeneration projects. Last year, the city already saw the launch of a record number of new businesses, and both up-and-coming and established ventures will undoubtedly benefit from this money. In the meantime, further funding is already being made available to specific industries based in Sheffield that have been particularly impacted by the pandemic, with the aim of enabling them to thrive moving forward.

 

Boosting Business in the Travel Sector

One of the areas hardest hit by Covid throughout the country has been the travel industry. Commercial travel companies in Sheffield such as travel agents and coach operators are now eligible to apply for payments of up to £6,000,  while home-based travel companies can apply for grants of up to £1,000. In order to qualify for the funding, businesses must be able to show that 50% of their work is involved with facilitating travel in the UK and abroad, and that they suffered loss of business because of travel restrictions imposed due to Covid.  As more businesses create new jobs and welcome employees back to the office, they will also need to ensure they are assessing and managing risks appropriately. Taking out business insurance can protect companies in a range of sectors, whether they are already established or just setting up.

 

Promoting Sheffield’s Food and Drink Scene

A similar grant scheme is also in place for local hospitality businesses that experienced losses due to enforced closures and other restrictions. In addition to financial support, Sheffield’s restaurants, bars and pubs in the city will benefit from a year-long promotion of Yorkshire food and drink.  The tourist organisation, Welcome to Yorkshire, launched the Yorkshire Menu at the start of the year to highlight and promote the region’s culinary delights, and help businesses from street vendors to award-winning restaurants to thrive.

 

Supporting Cultural and Creative Industries

To further support organisations and job creation in South Yorkshire’s cultural and creative industries, £1 million of funding from central government  is being made available. A range of cultural activities from film production to live performance will be allocated funding to complete projects, commission and support artists and develop new work. By helping these businesses to recover and grow, it is hoped that the cultural industry will continue not only to enrich lives but also add value to the local economy.

While money for levelling up in Sheffield might not be new, its release will enable the overall regeneration of areas of the city. In more specific sectors, other sources of funding will provide both new and existing businesses in the city with extra opportunities to recover and flourish.

 




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