GROWTH PROGRAMME

sharingKnowledge

We look at how the Access to Finance programme has helped to take Cornish businesses to the next level.

“Hugely important for Cornwall as we exit Covid-19 and build a new economy.” That’s how Mark Duddridge, chair of Cornwall and Isles of Scilly LEP described the Access to Finance programme, which has helped more than 2,300 businesses in the county raise over £34 million since launching in 2017.

The programme, which is funded by the European Regional Development Fund and delivered by Oxford Innovation, offers support for SMEs that are seeking funding. Rather than simply focusing on the process of raising finance, however, the team’s approach is very much based on education before intervention with a focus on knowledge sharing.

“The incredible performance of the programme in supporting client businesses to raise over £34 million is proof of the effectiveness of our methodologies and the skill of our team,” says Andrew Finley, Access to Finance’s project director. “However, A2F has delivered a much richer package of support than simply raising funding.

“Early-stage businesses have been shown how to develop their own financial forecasts, giving them a clear understanding of essential financial planning that will be of benefit to them throughout their business lives. The Oxford Innovation forecasting model demystifies spreadsheets and provides clients with a robust toolkit for managing the process on their own.” The positive impact of this wider approach for Access to Finance clients is clear when hearing them speak about their experiences. “The help from the A2F team was exactly what we needed at the right time,” says Toby Budd, founder and director at WorkFloat, which produces self-propelled maritime platforms that can ‘fold up’ for easy transport. “I am great at ideas but not great at stuff like detailed budgets and cashflow. Access to Finance helped me put together an incredibly detailed and clever spreadsheet that no doubt gave our investors confidence and helped to give transparency to the financial side of the business.” As well as helping early-stage businesses get up to speed, the Access to Finance team has also spent significant time supporting more established clients with a tailored offering. “Mature businesses have refined their core financial KPIs, giving management teams a thorough understanding of the financial drivers for their business,” says Andrew. “Beyond supporting their funding raises, these skills will ensure that margins are maximised and businesses remain in tight control of their business finances in the future.” Jeremy Sneller, managing director of facial recognition software company Touchbyte, is clear on the effect engaging with the programme has had on the growth of the business: “The value added by Access to Finance has been superb, because it has helped transition us to a very solid position where we’re looking to grow exponentially and take on more people.” With more than £34 million raised and a

The help from set of clients clearly delighted with their the A2F team experience, it would be easy for the Access to was exactly what Finance team to dwell on what it has achieved we needed at the so far. The team’s right time focus, however, is firmly on what’s next – with an evolving offering that looks to make a real difference to businesses in Cornwall and the Isles of Scilly. “The most exciting development is the launch of the Oxford Innovation online learning platform,” says Andrew. “This interactive digital environment takes peer group cohorts through a modular learning and mentoring curriculum that includes both video content and live facilitators. End of module assessments check for understanding and provide delegates with confirmatory evidence of their understanding of each module. “The interactive peer to peer environment facilitates shared learning experiences and builds communities of like-minded businesses. Developed during the lockdown, the platform represents an innovative new approach to business support that has applications across a wide range of topics.” To learn more about Access to Finance and how it could help your business, visit www.a2fcornwall.co.uk