In 2021, a high street investment fund was launched across localised Sheffield districts to support economic recovery in these areas.
The Economic Recovery Fund (ERF) supported local business by investing in communities and high streets, helping to build resilience to the cost-of-living crisis and future economic challenges.
Since its launch, funding has been used to put on events, marketing, promotion, physical improvements, creating new business and trader forums – as well as other interventions that applicants felt would benefit their high street.
The fund was developed as part of the city’s Covid Business Recovery Plan. The first round of funding was launched in March 2021 and supported 26 projects, with grants of up to £200,000 awarded.
A second round was launched, with a further 23 projects receiving funding in September 2024.
At an Economic Development and Skills Committee meeting on Thursday, 3 April, councillors heard how the fund has benefited local communities and businesses.
It has been estimated that the fund has had a total social value impact of over £13 million.
Social value relates to the positive impact an investment has on society beyond just its financial value, and while the profit is still measured numerically, it also takes into account the actions of an organisation or individual.
“It is fantastic news that the Economic Recovery Fund has been such a success and made a difference to he lives of individuals and businesses in the city.
“By giving more autonomy to local areas to make decisions about how funding in spent, we have ensured that we meet the needs of those communities.
“The success of this project belongs to the community champions and business leaders who have put so much into delivering a wide range of projects. It has taken dedication, commitment, time and they deserve huge recognition.”
Councillor Martin Smith, Chair of the Economic Development and Skills Committee at Sheffield City Council
The independent evaluation of the ERF project not only highlighted the significant social value impact for businesses, community organisations and for residents, but also the fact that both rounds will leave a legacy of improved physical and community infrastructure and renewed confidence in the value of local high streets.
Round two of the project delivered almost 500 interventions and improvements across the city with more to come before the project closes at the end of this month.
Over the course of both round one and two, over 150 art installations have been implemented, 95 events have been held, over 100 shop fronts were improved and around 580 pieces of street furniture and green spaces improvements have been made.
ERF has created a large appetite for continued community, business activity and partnership work. But ongoing Council support with expertise and experience is required to ensure the city continues to have resilient and welcoming local high streets.
Sheffield City Council has committed to increasing Local Area Committee involvement through ‘ERF champions’ to continue the momentum and drive brought by the project.
ERF phase 2 highlights:
Some of the highlights of ERF 2 have included a range of events across local areas in the city.
Christmas events were hosted in Hillsborough, Westfield, Walkley and Firth Park, plus festivals, markets and family events everywhere from, Chapeltown to Crookes, Woodhouse to Walkley.
Many areas have been improved through greening, with new trees being planted in Banner Cross and planters and flower beds being installed in Crookes and Greenhill.
Community tree planting has also been taking place across the city, including Westfield, Stannington, Crookes and Darnall, helping to improve green spaces in the areas.
Murals have been painted in Harborough and Northern Avenues, Hillsborough, Firth Park, Abbeydale and new shutter fronts were installed in Middlewood and Infirmary to make high streets more vibrant and inviting.
Various areas across the city have also benefitted from new street furniture, noticeboards, shop front improvements and a range of marketing upgrades including branding and maps.
In Darnall, they hosted an anti-litter campaign and Chapeltown have created an orienteering trail in the area.
Other unique initiatives include a borrow bank on London Road, targeted youth engagement in Northern Avenue and digital skills and equipment for female sole traders in Spital Hill.
You can read the full report to committee on the Council’s website.