OxLEP announce £2m-worth of grants received by 38 of the county’s businesses through COVID capital investment fund

The Oxfordshire Business Investment Fund – which launched last March – was developed to boost the county’s business community to move into an effective renewal phase following the Coronavirus outbreak.

OxLEP have announced that a total of £2million-worth of grants have now been issued in full to 38 businesses through the Business Investment Fund.

In March last yearestablished Oxfordshire businesses were invited to put forward expressions of interest towards the fund’s co-investment grants of £25000 to £100000 for capital projects with the ability to deliver tangible outcomes aligned to driving economic recovery growth and job creation.

The capital grant fund was put into place to support businesses to accelerate investment into their respective operations as well as strengthening business performance driving technology and innovation adoption within companies and helping to increase a company’s sales and market share.

The Business Investment Fund scheme has been funded by the Government’s Getting Building Fundset up with aims to help kick-start the UK economy following the emergence of Covid-19with investment being targeted in areas facing the biggest economic challenges as a result of the pandemic.

Over 100 expressions of interest were received by OxLEP Business following a highly-competitive two-phase application process which – following intensive assessment and scoring – saw the funds awarded to a total of 38 Oxfordshire-based businesses on a one-to-one match-funding basis.

Successful recipients of the fund span a broad range of sectors including; creative industries food and drink life sciences the visitor economy green tech and high-value manufacturing with a number of success stories and outcomes already recorded.

Since launching the fund OxLEP Business have worked closely with the successful grant recipients to help them to navigate procurement requirements and claim processes.

A number of successful applicants have also implemented their Business Investment Fund projects through OxLEP Business’ Peer Networks programme part of a national peer-to-peer networking programme for SME business leaders looking to grow and develop their organisation for future success.

The Business Investment Fund scheme has been funded by the Government’s Getting Building Fundset up with aims to help kick-start the UK economy following the emergence of COVID-19with investment being targeted in areas facing the biggest economic challenges as a result of the pandemic.

Since its inception in 2011OxLEP – with its partners – has secured over £1billion-worth of funding for Oxfordshirewhich has seen more than 65000 new jobs created in the county to-date.

In totalOxLEP currently oversees a £2.2bn growth programme for the county.

Nigel Tipple – Chief Executive of OxLEP – said: “The number of businesses to have benefitted from the Business Investment Fund is significant news for the Oxfordshire economy and aligns directly with the Getting Building Fund’s main aim of accelerating economic recovery from the COVID-19 pandemic.

“As the Local Enterprise Partnership for Oxfordshire we remain determined to play a key role in ensuring that our business community is able to run as efficiently as possible and remain productive both during the pandemic and beyond. This programme has further supported that ambition.”

Andrew May – Director of E S Precision – one of the recipients of the funding said: “We’ve had to hold-off on plans for a new type of precision laser cutting service owing to economic uncertainty and the cashflow impact of lockdown.

“The Fund has facilitated the capital investment in a new laser and computer measurement system to launch our erosion cutting service. Promising sectors include energy (fuel cells solar) aerospace motorsport and medical (life science instrumentation diagnostics).

“We’re grateful to OxLEP for their work in identifying our business proposal as one worthy of grant aid.”

Upon receipt of their allocated funding E S Precision have gone on to offer an efficient service in the cutting of parts for hydrogen fuel cells – without the need to manufacture conventional cutting tools – supporting ambitions for the UK’s ‘Hydrogen Economy’.

Working alongside private and public sector partners from across the countyOxLEP secured a total of £8.4million-worth of investment for Oxfordshire through the Getting Building Fundgiving businesses and communities an all-important boost following the COVID-19 outbreak.

Away from the Business Investment Fund Oxfordshire’s other programmes supported by the Getting Building Fund have also helped to leverage a number of emerging clean energy projects in the county creating hundreds of new jobs in the process.

Getting Building Fund projects also recognise the possible ‘changing face’ of work patterns in Oxfordshiresupporting businesses to be more agile in-light of COVID-19.

Collectively Oxfordshire-focused schemes supported by the Getting Building Fund are expected to see a number of impressive outcomessuch as the creation of 472 new jobs – including new Kickstart Scheme opportunitiesapprenticeships and traineeships – as well as an additional 43 construction-focused roleswith the fund also on track to safeguard a further 324 jobs.

Find out more on Getting Building Fund projects

Find out more on business support programmes at OxLEP Business