The British Business Bank (BBB) has introduced the £40m Cornwall & Isles of Scilly Investment Fund (CIOSIF) to help support small businesses across the region.
The fund has been established in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership, the European Regional Development Fund and the UK government to provide local businesses with more funding options to support growth and job creation.
CIOSIF has received input from local business groups, funders and business advisers and will provide debt and equity finance from £25,000 to £2m.
Andrew Griffiths, small business minister, said that SMEs supported more than one million jobs in the South West alone and 13 million across the UK.
“This new fund will help us deliver on the ambition set out in our modern industrial strategy, with investment that will ensure the region’s small businesses can access the finance they need to grow and succeed.”
Ken Cooper, managing director for Venture Capital Solutions at the BBB, added: “Our role is to make the finance markets work better for smaller businesses at all stages in their development.
“The Cornwall and Isles of Scilly Investment Fund has been specifically designed to support growth businesses in this area and is part of a co-ordinated approach to help them realise their potential.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Unity Trust Bank provides £1.1m loan for homeless housing
Unity Trust Bank has provided a £1.1m loan to enable The Cornerstone Partnership to purchase 17 properties for the homeless in Coventry...
Holvi sets out plans for European expansion
Small business current account provider Holvi has announced plans to expand its presence across the eurozone, focusing on Ireland, Italy, Belgium, France and the Netherlands...
Collaboration is the new disruption
Collaboration is key. The incumbents undoubtedly have the customers and the new entrants have the technology, so logically the combination of these two factors creates a far greater proposition than either one on its own...
OSB posts 5% loan book growth
OneSavings Bank (OSB) has grown its loan book by 5% in the three months to 31st March 2019, according to its latest trading update...
Investec, Nationwide and The Co-operative Bank awarded £80m of funding
Investec Bank has been awarded £15m from pool B of the Banking Competition Remedies Ltd (BCR) Capability and Innovation Fund (CIF)...
When relationships count, it’s the new entrants who are gaining market share
The theory that some things are often better said in person really does ring true for small- and medium-sized businesses...
Sim Gill appointed to newly created role at Gatehouse
Gatehouse Bank has promoted Sim Gill (pictured above) to the post of intermediary national key account manager...
Hinckley & Rugby partners with Criteria Hub
Hinckley & Rugby Building Society has updated its criteria search system for mortgage intermediaries following a partnership with Criteria Hub...
Aldermore completes integration with vehicle finance business
Aldermore has completed its integration with vehicle finance business MotoNovo Finance...
Metro Bank confirms £350m equity raise plan is ‘well advanced’
Metro Bank has confirmed that it plans to raise around £350m of equity capital to support its growth...
Al Rayan Bank partners with Alexander Hall
Al Rayan Bank has partnered with mortgage broker Alexander Hall...