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European Regional Development Fund Priority Axis 2

The following page outlines the European Regional Development Fund (ERDF) and how it applies to the Borough of Oadby and Wigston.

The European Regional Development Fund under Priority Axis 2 provides funding for projects that contribute to economic development, regeneration, promoting competitiveness and delivering sustainable development in the Borough of Oadby and Wigston. The programme for Oadby and Wigston has now completed two bidding rounds. The Oadby and Wigston Patnership Local Investment Plan sets out how over the 2007-2013 period the Borough of Oadby and Wigston and its partners will target European Regional Development Fund monies secured under the East Midlands region's European Structural Fund Programme 2007 - 2013 PDF Document Local investment plan (PDF Document, 411.04 Kb).

Round 1 Projects

Round 1 of the Programme has focused on addressing the need for business support projects. Under round 1 through the ERDF two projects, Start Survive Grow Your Business and Start Up Now, have successfully achieved funding and commenced.

Start Survive Grow Your Business by Nottingham Business Venture is a personalised solution to the business start up and growth needs of the borough and includes a small grants programme. In detail the Grow Your Business Project grant recognises the difficulties that face both start-up and existing small to medium sized enterprises with little or no track record in accessing finance. The project can provide these businesses with financial support in order to facilitate their development and growth. Eligibility for the Grow Your Business Project includes;

  • The Business must be based within in the borough of Oadby and Wigston.
  • The business must fit the criteria of an SME (small to medium sized enterprise).
  • The business must have commenced trading and be on the NBV “Grow Your Business” support Plan.

Grant amounts available for the Grow Your Business Project range from a grant of £500.00 (minimum) - £5,000.00 (maximum) or 40 percent of the total project cost – whichever is lesser. In exceptional circumstances the maximum grant maybe increased. Grant applications can be made for Capital and Revenue (or a mixture of both) projects for example hardware or services received. For more information call Nottingham Business Venture on 0844 887 2568 to discuss your grant eligibility or visit the Nottingham Business Venture 'Grant Information' webpages.

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The Start Up Now project, submitted by Skills for Enterprise Ltd, has also commenced and offers an intensive enterprise coaching and business start up programme designed to help foster an entrepreneurial culture within the target area. For more information visit the Skills for Enterprise Ltd website.

Round 2 Projects

Round 2 of the Programme has focused on infrastructure, public realm and supply chains. Through the ERDF two projects, the Oadby and Wigston Regeneration Scheme and The Bank Of TMC, were submitted during round two.

The ‘Oadby and Wigston Regeneration Scheme’ application is currently in the final stages of negotiations and comprises public realm schemes for The Parade, Oadby and Bell Street, Wigston. Whilst Oadby and Wigston Borough Council is a strategic key partner in the application, Leicestershire County Council, as Highway Authority, will be implementing the schemes.

For more information visit the ERDF Public Realm Schemes page for details of the scheme.

The Bank of TMC by The Mighty Creatives has commenced in the borough. The Bank of TMC is an initiative that provides bespoke business start-up support for creative young people aged 16 to 25 years old.

The Bank of TMC builds on a successful pilot which to date has support in excess of 50 young creative entrepreneurs and has backed great ideas into 12 new start-up social enterprises. Through further funding from EDRF (European Regional Development Fund), RBS Inspiring Youth Enterprise and Leicestershire County Council, The Mighty Creatives is to expand and form a wider range of services providing an ambitious programme that will deliver the support that young entrepreneurs need to develop and flourish in the East Midlands. This new programme of activity will support 100 young people to start up and grow their businesses, leading positive change within and across their communities. What first generation Bank of TMC entrepreneurs Emily Bolton and Rachel Eke, Co Directors, Moving Together say about the programme:

"Support from The Bank of TMC has been essential in the start-up, development and success of our business, Moving Together. The Bank of TMC helped us to realise our potential, identify what makes Moving Together unique and recognise what is essential to managing a sustainable business.”

"The Bank of TMC's support was fundamental in turning our passion for dance in the community, into a solid social enterprise business. With expert advice from a range of artists, other entrepreneurs and financial advisors, Moving Together has grown in confidence engaging young and old in the health and social benefits of dance.”

"We have gained the skills to turn what was once a dream into a successful creative dance company. Without the support from The Bank of TMC we would not be where we are!"

The new programme launched in June 2013! For more examples of creative enterprises supported by The Bank of TMC visit the what we do pages on The Mighty Creatives website where you can also download a registration of interest form. Alternatively, for more information please contact rob@themightycreatives.com

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Last updated: Friday, 14 March 2014 1:14 pm

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