The Cornwall & Isles of Scilly Investment Fund has announced that it has invested over £100m in businesses in the Duchy.
The fund, launched by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership has invested over £21m to support the growth of more than 55 businesses, creating or safeguarding almost 1,000 jobs and attracting a further £80m of private investment.
Since its launch in 2018, the fund has been providing market-gap loans and equity investment to SMEs with high-growth potential via appointed fund manager, The FSE Group.
A recent CIOSIF evaluation showed businesses supported by the fund have strengthened their skills base, improved efficiency, become more innovative and reduced their environmental impact.
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Two-thirds believed these positive outcomes had either been accelerated as a result of CIOSIF funding or would not have happened without it. And 90% of businesses surveyed reported increased resilience as a result of the funding they received.
Ken Cooper, managing director from the British Business Bank, said: “The Cornwall and Isles of Scilly Investment Fund has been a catalyst for over £100m of total investment in local businesses since its launch, driving growth, skills and innovation while boosting business resilience. We are building on that success with the launch of our £200m South West Investment Fund next month to increase the supply and diversity of early-stage finance across the region.”
John Acornley, chair of the CIOSIF Advisory Board and until recently a LEP non-executive director, said: “When we developed the Cornwall and Isles of Scilly Investment Fund with the British Business Bank the aim was to break down barriers in access to finance for SMEs in the region. Five years later we have seen how successful it has been in unlocking the potential of growth businesses and demonstrating the transformative impact of external finance.”
Ralph Singleton, Cornwall head of fund at The FSE Group, added: “It has been a real pleasure to support the rich and diverse range of growing businesses across the whole of the Cornwall and Isles of Scilly region. At FSE we pride ourselves on our ‘more than money’ approach and it’s great to see from the evaluation how much this is valued, with both customers and stakeholders commenting positively on the team’s expertise and the wider support provided. We are particularly proud of the wide range of industries supported.”
CIOSIF will continue to provide debt and equity funding between £25,000 and £2m until the end of 2023.
In July the British Business Bank will launch the £200m South West Investment Fund (SWIF). It will offer a range of commercial finance options with loans from £25,000 to £2m and equity investment up to £5 million across the South West region. SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the Bank.
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