A new £1.2million capital investment fund has been launched to help local firms recover from the pandemic.

The Business Investment Fund is the latest initiative from Oxfordshire’s Local Enterprise Partnership (OxLEP) to support the business community.

The fund aims to support scalable businesses through matched grants, ranging from £25,000 to £100,000 per business.

It should help them accelerate investment plans, rebuild operations and develop market opportunities, harness opportunities for technology adoption and innovation, plus support a business’s transition to net zero.

Eligible businesses must have been trading in Oxfordshire for at least two full financial years with cash from the fund required to be matched at a minimum of 50 per cent of any total project value.

The scheme is financed by the government’s Getting Building Fund which aims to accelerate economic recovery following the pandemic.

Working alongside private and public sector partners, OxLEP secured £8.4million-worth of Getting Building Fund investment for Oxfordshire.

Collectively, its schemes are set to create 472 new jobs – as well as an additional 43 construction-focused roles – with the fund also safeguarding a further 324 jobs.

The investment will also support a number of clean energy projects in the county, creating hundreds of new jobs.

Other projects recognise the possible ‘changing face’ of work patterns in Oxfordshire, supporting businesses to be more agile in light of Covid.

Nigel Tipple, chief executive of OxLEP, said: “The launch of the Business Investment Fund is significant news for our business community and a welcome further line of support for eligible businesses at a critical time.”

 Information is now available on the OxLEP Business website.