The Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) has worked in partnership with the British Business Bank to create the £40 million Cornwall and Isles of Scilly Investment Fund for the CIoS LEP area.
The fund provides loans and equity investments (rather than grants) from £25,000 to £2 million to help local businesses grow and create jobs.
A public funding package of circa £40 million has been put together, with funds from the LEP, Government and the EU Growth Programme to establish the CIOSIF. The Government-owned British Business Bank will operate the fund for the first 10 years. The fund is anticipated to unlock at least a further £40 million from private investment. This will create a revolving investment fund to which businesses can apply for start-up and growth investment in perpetuity.
Investment Strategy – Debt
To make debt finance available to growing businesses in CIoS that are unable to access debt finance from commercial sources due to a lack of collateral or track record, but have a viable business proposal
Investment Strategy – Equity
To make equity finance available to growing companies in CIoS that are unable to access equity finance
For more information please visit the CIOSIF website