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03.01.03
Good News For Cornwall!
£1 million of Objective One funding has been ploughed
into Cornish Businesses by South West Investment Group
A Cornish development agency has invested £1 million
of an Objective One Fund into local businesses to help them
start up or expand their operations. The million pound mark,
representing the amount drawn down so far by successful applicants
to the Truro- based South West Investment Group, has been
reached in just 19 months.
Since the interest- free funds were launched in May 2001,
the South West Investment Group has helped businesses as diverse
as a bath manufacturer, a renewable energy scheme, several
multi-media projects, an interior accessories designer and
many others. 120 businesses have benefited to date, with another
30 or so approved for finance. It is forecast that the assistance
will help to create over 300 local jobs and maintain many
more.
“We have been inundated with enquiries and applications
since day one,” said Funds Manager, Peter Casey. “There
is such a lot of energy and talent amongst Cornish businesses.
We often find that a business has great potential but still
finds it hard to raise money from conventional sources, perhaps
because they are a new venture or because they do not have
sufficient collateral. That is where we can come in.”
In order to qualify, applicants must show that the assistance
will lead to increased profits and job creation and that there
will be a benefit to the Cornish economy. The finance is available
as repayable, interest-free loans to businesses of different
sizes.
There are two schemes available. The Cornwall Business Enterprise
Fund can help start-ups and businesses with less than 5 employees.
It will provide a proportion of project costs up to £25,000,
for an eligible project in the form of cash that is repayable
– but without interest – over a period of one to
five years. The Cornwall Business Growth Fund assists established
companies employing between 5 and 250 people. Amounts ranging
from £3,000 to £50,000 are available to be repaid
– again without interest – over terms from one to
five years.
The South West Investment Group has been delivering financial
help to South West businesses for a number of years –
long before Cornwall achieved Objective One status –
and has a proven track record. All in all, it has helped over
350 businesses over 6 years and has allocated over £3.5
million with a further £6 million attracted from other
sources.
The Objective One Business Task Force (BTF) have welcomed
the news that Peter Casey’s team at South West Investment
Group have succesfully invested £1m in Cornish businesses
through their Objective One funded scheme, commenting that
the fact that 120 businesses have directly benefited from
SWIG’s funds and another 30 are under review demonstrates
that businesses are benefiting from Objective One funding.
The Business Task Force has promoted umbrella schemes such
as those offered by SWIG as being one of the most effective
ways businesses can engage with the programme.
Richard Newman, chairman of the Business Task Force commented.
“In 1998 businesses identified that access to finance
was a barrier to growth. Now through Objective One funding
we have operational schemes that offer businesses in Cornwall
the competitive edge and we are encouraging them to make the
most of these opportunities and grow their businesses”.
Editor's notes:
For more information, contact the South West Investment Group,
Trevint House, Strangways Villas, Truro, TR1 2PA, tel 01872
223883, fax 01872 242470.
Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel:01872 241379
Fax:01872 241388
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