The Cherwell Business Accelerator backs existing small and medium-sized businesses, ready to scale-up and expand their operations. Meanwhile, the Cherwell Spark programme has been designed to work with those entrepreneurs based in the area with a new business idea, or for those who have recently started trading.

The new grant scheme will see funding – expected to range between £5,000 and £20,000 – to be available per application, with the scheme operating within a competitive, two-stage application process.

The application process will be available through an online portal to be managed by OxLEP Business.

OxLEP Business and Cherwell District Council expects up to 64 eligible businesses to apply to the grant scheme.

Provisional key dates are as follows:

• 21 October (10am to 12noon) – launch webinar to be hosted by OxLEP Business
• 4 November (5pm) – grant expression of interest closes
• 14 November – full application window opens
• 25 November (12 noon) – submission deadline for final applications

The 21 October grant scheme launch webinar will support those with an interest in applying for funding to find out more. It will also help attendees to gain guidance on how to apply, as well as understanding just how decisions around the allocation of grants will be made.

The scheme will be looking to support capital investments in the following priority sectors:

• Retail, serving the local community
• Farm diversification (non-agricultural)
• Food and drink production
• Hospitality and leisure
• Manufacturing

Successful applicants will also be expected to deliver tangible outcomes aligned to several ‘delivery themes’, including:

• Business retention and growth
• Green economy
• Investment in rural communities
• Strengthening the rural economy and rural communities

Helen Brind – Growth Hub Manager at OxLEP Business – said: “Working with Cherwell District Council, we are delighted to be bringing to Cherwell-based businesses a new grant scheme that can make a hugely positive impact on the area’s rural economy and – in turn – leverage several key sectors too.

“We expect such new, critical grant support to be embraced hugely and accessed heavily in the coming weeks – therefore, we would encourage those interested to join our launch webinar on 21 October and find out more on how the funding could be utilised within respective businesses.”

Given the specific rural aspect of the new fund, both OxLEP Business and Cherwell District Council are keen to ensure businesses still access other top-class support available through the Cherwell Business Spark and Cherwell Business Accelerator programmes – business help that can also have a major and real, positive impact.

Helen added: “Working with our partners at the district council, we want to ensure as many businesses as possible can access top-quality business support – therefore, if it transpires that a particular business does not meet the grant scheme’s eligibility criteria, we would very much encourage people to find out more about our Accelerator and Spark programmes, both offering comprehensive business support packages for business leaders and entrepreneurs.

“Of course, we would also encourage those who are eligible for the grant scheme – who are yet to engage with our Cherwell Business Spark or Cherwell Business Accelerator programmes – to find out more too and see if we can support their business ambitions through our ongoing provision.”

Councillor Lesley McLean – Deputy Leader of Cherwell District Council and Portfolio Holder for Finance and Resources – said: “Our rural communities are an important part of our economy in Cherwell and I am thrilled that businesses based in these areas will be able to access support to help them flourish.

“Rural businesses are the lifeblood of their communities and having the opportunity to grow will strengthen our rural economy and help everyone who works in it thrive.

“We are delighted to be able to support this through our Rural England Prosperity Fund and wholeheartedly encourage businesses to take advantage of this opportunity.”

To find out more and to sign up to the 21 October launch webinar, head to the OxLEP Business website.