Cornwall is in line to get its own European-funded lending bank, it is being reported.
The BBC claims the LEP-inspired scheme would be set up with about £100M, drawn from the third round of European funding it is due to receive over the next six years, worth some £500M.
The LEP said in a statement: “Tens of millions of pounds would be earmarked for non-grant business funding that would be repayable and create a self-sustaining business investment fund beyond the life of the programme.
“This would recycle investment in the local economy in perpetuity and is seen as a key move away from a grant culture to a more entrepreneurial economy.”
Before the idea becomes a reality, however, it must be approved by the EU and UK government.