Pride in Place: Government's 5bn regeneration scheme offers major opportunity for small businesses

"The UK government has launched its long-awaited £5 billion "Pride in Place" programme, a decade-long initiative designed to revitalise towns and communities by putting local people in charge of how regeneration funding is spent. The scheme, which was officially announced this week, will see 169 areas across the UK each receive £2 million per year for ten years, while a further 95 areas will be given immediate funding to improve public spaces such as parks, high streets and community centres. The aim, according to ministers, is to give neighbourhoods the means to breathe new life into their towns and stimulate local economies through community-led development."

"For small businesses, the initiative presents significant opportunities to contribute to - and benefit from - a wave of regeneration projects across the country. Local cafés, retailers, tradespeople, professional services and leisure providers could all gain from increased investment, higher footfall and new contract opportunities as public spending flows into local infrastructure. Joe Phelan, business loans expert at money.co.uk, said the programme could transform both communities and the small businesses that serve them. "The initiative gives neighbourhoods the tools to breathe new life into their towns," he said. "It could also present opportunities for small businesses willing to step in.""

The UK government launched the £5 billion Pride in Place programme to revitalise towns through community-led regeneration. 169 areas will receive £2 million per year for ten years, and 95 additional areas will receive immediate funding to improve parks, high streets and community centres. The programme aims to stimulate local economies by giving neighbourhoods control over regeneration spending. Small businesses such as cafés, retailers, tradespeople, professional services and leisure providers can benefit from increased investment, higher footfall and new contracts. Examples include consultations in Eston, Elgin and Blyth, conversions in Newark-on-Trent, and a heritage trail planned in Torbay. Early engagement by local firms will be important.

Read at Business Matters