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In this edition, we'd like to highlight the new TVBC Economic Development Strategy which covers the period from 2024-2029. It identifies six priorities, together with an associated Action Plan:
- Supporting key sectors including advanced manufacturing, green technologies and tourism to grow.
- Building a climate in which entrepreneurs, and small and medium sized businesses can thrive.
- Supporting businesses in their transition to a low carbon economy.
- Regenerating Andover and Romsey town centres.
- Promoting upskilling and raising qualification levels to meet future economic needs.
- Reflecting the changing workforce and new life stages
An executive summary and the full strategy can be accessed here: Economic Development Strategy 2024 - 2029 | Test Valley Borough Council
Please share the newsletter with other businesses in the Borough; they can sign up to receive them at Newsletter sign up.
Test Valley Borough Council has appointed national architects Burrell Foley Fischer (BFF) to design and deliver the new theatre for Andover. BFF has successfully delivered a variety of performing arts venues both across the country and internationally. Locally they have designed projects for Winchester Theatre Royal, New Theatre Royal Portsmouth and The Point Eastleigh.
The Andover project will see the demolition of the former Poundstretcher Unit at the entrance to the Chantry Centre before a brand-new theatre is constructed in its place. BFF will now be working closely with the Council and local stakeholders to set the scene for the new venue and begin to draw up concept designs. A planning application is expected later this year, demolition and construction are expected to start in 2025, completion is planned for 2026 with opening in early 2027.
A citizens' assembly has been convened to discuss Romsey citizens’ needs, desires, and expectations for community facilities in the area south of the town centre. Participants have been selected to be demographically representative of the town. The first sessions were used to develop principles; these are being given to specialist designers who will provide options to the assembly in September.
If your business employs fewer than 250 staff and you are seeking to grow, you are entitled to a free review by the Hampshire Growth Hub, which comes under the auspices of the Hampshire Prosperity Partnership/Hampshire County Council
The Growth Hub will consider how they can assist you in overcoming challenges and help you to realise the potential of your company. They can look at areas including marketing, finance, bid writing, exports and investments.
Contact them at growth.hub@hants.gov.uk or call the Hampshire Growth Hub Business Support Helpline on 0330 124 2068.
The British Business Bank has launched its Growth Guarantee Scheme to help smaller businesses access finance to invest and grow. It aims to improve the terms on offer to borrowers. The British Bank accredits lenders who can then be listed on the British Business Bank website.
Businesses can use the finance for any legitimate business purpose. It can generally support up to £2m per business group with terms ranging from 3 months to 6 years and it provides the lender with a 70% government-backed guarantee. Further details can be found here: Growth Guarantee Scheme (GGS) | British Business Bank. Accredited lenders are listed here: Current accredited lenders | British Business Bank.
Barclays Eagle Labs run a six-month scale up programme to support scaling companies as they navigate rapid growth. Applications close on 18 August for a programme launch on 23 October. Further details are here: Scaleup Programme | Barclays Eagle Labs (uk.barclays).
NatWest offers an Accelerator programme for entrepreneurs which includes coaching, networking opportunities, and events. Further details can be found here: Empowering UK start-ups through our Accelerator programme | NatWest Group.
REPF capital grants of £5k-£25k are available to fund up to 50% project costs for rural businesses in Test Valley (in practice, most businesses outside Andover, Romsey, their major business parks and the Southampton Science Park are eligible). A closing date of 31 August was previously advertised, but applications will be accepted beyond this date as long as funding is still available.
Projects must be complete and invoices submitted by end March 2025. Projects funded to date have included the purchase of equipment, installation of new facilities, and establishment of new processes.
Further information and an application form can be found here: Rural England Prosperity Fund | Test Valley Borough Council. Please contact jhewson@testvalley.gov.uk if you want to discuss any ideas.
Test Valley Borough Council is setting up a net zero innovation network for businesses that are developing green technologies. We intend to host the first meeting at University of Southampton Science Park in the autumn. The network should provide opportunities for businesses to network, share success stories and discuss challenges. The Science Park will also provide links to academics and research groups. Please email jhewson@testvalley.gov.uk if you would like to be involved.
Under the UK Shared Prosperity Fund, funded by the UK Government, TVBC has awarded grants to Goddards Farm and Michelmersh Manor Farm to trial interventions to improve nitrogen usage efficiency on farms. The pilots are being overseen by the IncuHive Group as part of TVBC's Net Zero programme.
Goddards Farm is working with Apsley Farm using a novel method of applying fertiliser to plant roots. Michelmersh Manor farm is directly fertilising the leaves of silage crops. In both cases, plots with the trial fertilisation methods will be directly compared to conventional plots. The results will be assessed and presented after the harvest.
A number of changes to apprenticeship funding will come into effect on 1 August for the next academic year. The changes are summarised here: FE News | New Apprenticeship Funding Rules; the full Government guidance can be found here: Apprenticeship funding rules 2024 to 2025 (publishing.service.gov.uk).
The ‘Recruiting with Essential Skills’ Toolkit, aimed at smaller businesses, has been developed in collaboration with Lloyds Banking Group. It provides practical advice and guidance towards an essential skills-based approach to preparing and selecting the right candidates with the right skills for your business. The toolkit is free and can be accessed here: Recruitment toolkit for SMEs: Developing a Skills-based hiring approach.
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