OxLEP Business announced a new capital investment fund, created to support Oxfordshire’s innovative business community to move into an effective renewal phase following the COVID-19 pandemic and potential effects of Brexit.
The Business Investment Fund is now closed for applications. Shortlisted applicants will be informed of the outcome of the assessment process by Friday 11th June 2021.
The Business Investment Fund is the latest initiative to be launched by OxLEP Business, recognising our commitment to supporting the Oxfordshire business community at this critical time.
This £2.1m capital fund aims to support scalable businesses from across the county through a variety of matched grants, ranging from £25,000 through to £100,000 per business. Through funding, eligible Oxfordshire businesses will deliver outcomes for the county’s economy through several key areas.
Funding will be used by businesses to accelerate investment plans, rebuild operations and develop market opportunities as we emerge from the pandemic. Recipients of the fund will be expected to harness opportunities for technology adoption and innovation, as well as supporting a transition to net-zero.
Key details of the fund also include:
- Eligible businesses must have been trading in Oxfordshire for at least two full financial years.
- Cash from the fund must be matched at a minimum of 50% of total project value
- Match can come from any costs incurred by the applicant in respect of the grant project, however – as this is a capital scheme – those costs must be those that can be capitalised within the applicant’s accounts
Businesses focusing on the below economic priorities will potentially be considered for this fund:
- A desire to increase sustainable job creation
- A drive towards Increased R&D and product development
- A push towards diversification into new business markets
- Increased exporting capacity (manufacturing, production and services)
- De-risked and strengthened supply chains with a focus on UK supply chains
- A desire to transition to trade globally including new EU requirements
- A need to successfully transition business operations to net zero carbon emission
- Adoption of new energy systems with lower carbon footprint
Getting Building Fund
Funding for this new OxLEP Business scheme was secured via the Government’s Getting Building Fund, which aims to accelerate economic recovery following the COVID-19 pandemic.
Getting Building Fund projects also recognise the ‘changing face’ of work patterns in Oxfordshire, supporting businesses to be more agile in-light of COVID-19.