DRIVING BUSINESS GROWTH

• 81% had introduced new products or services to market.

• 76% had increased skills in their existing workforce.

• 76% had increased investment in R&D

• 48% had reduced the environmental impact of their business as a direct result of CIOSIF investment.

Ken Cooper, MD from the British Business Bank (pictured), says: “These survey results show how investment from CIOSIF is having an enduring and positive impact on small to medium-sized businesses across the region, boosting jobs, skills, innovation and productivity.

“The fund has also leveraged considerable investment from the private sector, and we’re encouraged to see several businesses secure millions of pounds in non-CIOSIF related follow-on investment, and almost half take steps to become more sustainable.”

CIOSIF has made 68 investments totalling £15.5 million in 50 Cornish SMEs, comprising £10.9m of equity and £4.6 million of debt.

This has leveraged an additional £46.3 million from the private sector, so the fund has been a catalyst for almost £62 million of investment into local businesses so far.

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.