A new business grant scheme aimed at boosting Cherwell's rural organisations is set to launch in October.

The Oxfordshire Local Enterprise Partnership (OxLEP) has announced Cherwell District Council’s Rural England Prosperity Fund Business Grant Scheme, which will provide grants ranging from £5,000 to £20,000 per application.

OxLEP Business, which will manage the online portal through which applications can be made, and the district council expect up to 64 eligible businesses to apply to the scheme.

The scheme will operate a competitive, two-stage application process via the online portal.

A launch webinar will be held on October 21, with organisations having until November 4 to register their interest.

The full application window is set to close on November 14 before the submission deadline for final applications on November 25.

The scheme will support capital investments in priority sectors including retail, farm diversification, food and drink production, hospitality and leisure, and manufacturing.

Successful applicants will be expected to deliver tangible outcomes aligned to delivery themes such as business retention and growth, the green economy, investment in rural communities, and strengthening the rural economy and 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 October 21 and find out more on how the funding could be utilised within respective businesses."

Both OxLEP Business and Cherwell District Council said they are keen to ensure businesses still access other support available through the Cherwell Business Spark and Cherwell Business Accelerator programmes.

Ms Brind 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.”