A manufacturer and supplier of environmentally-responsible homeware products has become the latest business to receive funding support from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
Truro-based I for Design Limited, which produces a range of cork products for the likes of Rick Stein and RSPB, has secured an £80k loan made up of £35k from CIOSIF and £45k from SWIG Finance.
The business has achieved significant growth since establishing its LIGA brand in 2017; the number of stores stocking its designs has increased from 25 just last year to over 200 currently.
Director David Elderkin said: “As consumers continue to seek more sustainable, ethical products, demand grows for our designs, which are created in-house at our design studio here in Cornwall.
“We place a strong focus on our environmental credentials, with products made from recyclable materials wherever possible. With this funding we are able to fulfil these growing orders and take on new bespoke design contracts such as one we have recently secured with RNLI.”
The CIOSIF investment will be used to introduce a new pottery range and expand the wholesale operation across I for Design’s product offering as well as help it increase the number of stores it stocks to 300-plus in the next three years. Another of the company’s long-term goals is to increase its export activity and it is currently building this into its business plan.
The deal was led by The FSE Group, with SWIG Finance managing the process as they deliver the smaller business loans part of CIOSIF.
SWIG’s managing director, John Peters, commented: “I for Design has created a unique product range that connects with its target market, as proven by its rapidly growing client base. This is a team primed for growth and we are delighted to be working with them to help achieve their goals both now and in the future.”
John Acornley, non-executive director of the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), who chairs the CIOSIF Advisory Board, added: “It’s so important that entrepreneurs like David can access the finance they need to grow, and I’m delighted the fund has been able to support I for Design’s continued growth across the region and beyond.”
CIOSIF is a £40 million fund providing debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly LEP.