Over £10m (and rising) invested in SMEs by CIOSIF since 2018 launch
The Cornwall and Isles of Scilly Investment Fund (CIOSIF) has now supported over £10m into SMEs since it was launched by the British Business Bank (with a £40m fund) in 2018. The fund’s aim to provide new and growing small businesses with additional funding opportunities and its success to date is encouraging other private investors to participate. For further details, please read the bulletin below which was issued by Insider Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 16th November 2020
Milestone attained by investment fund
The Cornwall and Isles of Scilly Investment Fund (CIOSIF) has supported more than £10m of investment into 24 businesses in its first two years of operation.
The £40m fund was launched in 2018 by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership to provide new and growing businesses with more funding opportunities.
Since then it has invested a total of £6.1m, attracting a further £4.6m of private investment.
The fund provides debt and equity finance from £25,000 to £2m. So far, eight local businesses have received £3.8m of equity funding and 16 businesses have received £2.3m of debt funding.
Ken Cooper, managing director for Venture Solutions at the British Business Bank, said: "The fund has continued to invest through this difficult period, helping local businesses to grow and create jobs, and we’re delighted to be celebrating that success and the positive impact the fund is having on the local economy.
"There is no doubt that CIOSIF is now changing attitudes to external finance and is encouraging other private investors to participate. So we’re seeing a doubling of the impact, while raising awareness that Cornwall and the Isles of Scilly can be a good place to invest."
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: "The LEP established the fund to increase the supply of finance to small businesses in our area to support their growth, so it is great to be celebrating this milestone. But this is about much more than money. Feedback from businesses shows they really value the support and expertise they receive from the fund to help them realise their goals."
CIOSIF is supported by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. It is operated by the appointed fund managers, The FSE Group.