The Cornwall and Isles of Scilly Investment Fund (CIOSIF) has passed a major milestone.
Since its launch by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) in 2018, the programme has invested over £21 million to support the growth of more than 55 businesses and attracted a further £80 million of private investment.
British Business Bank MD, Ken Cooper, said: “The Cornwall and Isles of Scilly Investment Fund has been a catalyst for over £100 million 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 £200 million South West Investment Fund next month to increase the supply and diversity of early-stage finance across the region.”
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.”
CIOSIF will continue to provide debt and equity funding between £25k and £2 million until the end of 2023. In July, the British Business Bank will launch the £200 million South West Investment Fund (SWIF). It will offer a range of commercial finance options with loans from £25k to £2 million and equity investment up to £5 million across the south west.