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Cornwall & Isles of Scilly Investment Fund Reaches £5m Milestone

Thursday October 31st, 2019

More than £5 million has been invested into local businesses with the support of the Cornwall & Isles of Scilly Investment Fund (CIOSIF) in its first full year of operation.investment_9147687Sml

The figures, revealed at an anniversary event in Truro last night (Tues, Oct 29) as part of the Cornwall Festival of Business, show that the fund has so far supported 13 local businesses with £2.9m of investment, attracting a further £2.2m of private sector investment. The fund in its entirety; which is managed by The FSE group alongside a partnership with SWIG Finance, who support the smaller business loans element of CIOSIF, has backed a wide range of sectors, from digital technology and communications to boatbuilding, manufacturing and events.
CIOSIF’s first investment was a £750,000 equity deal with Wildanet, an independent superfast internet provider, which will create around 40 jobs over three years. The mostly recently announced deal was a £850,000 loan to shipping container conversion business ISO Spaces, creating 20 jobs.
The £40m Cornwall & Isles of Scilly Investment Fund (CIOSIF) was launched by the British Business Bank last year in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), the European Regional Development Fund and UK Government to provide local businesses with more funding options to help them grow and create jobs.
The CIOSIF provides commercial debt and equity finance from £25,000 to £2 million to help growing small businesses across Cornwall and the Isles of Scilly. The fund is operated by appointed fund managers The FSE Group.
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2.

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