Businesses in Cherwell are being encouraged to sign up for the launch event of a new grant scheme.

The Cherwell Rural England Prosperity Fund (REPF) Business Grant Scheme, delivered by OxLEP Business and funded by Cherwell District Council's Rural England Prosperity Fund allocation, will be launched on Monday, October 21.

It will provide funding ranging from £5,000 to £20,000 per application, and will operate a competitive, two-stage application process through an online portal managed by OxLEP Business.

It follows the recent launch of two business support programmes by OxLEP Business for Cherwell-based individuals and businesses.

The Cherwell Business Accelerator supports existing small and medium-sized businesses ready to scale up, while the Cherwell Business Spark programme is designed for entrepreneurs with new business ideas or those who have recently started trading.

Funding will range from £5,000 to £20,000Funding will range from £5,000 to £20,000 (Image: Paul Wilkinson) OxLEP Business and Cherwell District Council expect up to 64 eligible businesses to apply for the latest grant scheme, with significant interest already shown in the initiative.

The launch event on October 21 will provide information and guidance on the application process and how grant allocation decisions will be made.

The scheme aims to support capital investments in retail serving the local community, non-agricultural farm diversification, food and drink production, hospitality and leisure, and manufacturing.

Successful applicants will be expected to deliver tangible outcomes aligned with several 'delivery themes', including 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 launching 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 next week and find out more on how the funding could be utilised within respective businesses.

"This is too good an opportunity for the district’s rural businesses to miss out on."

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."