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.”
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