ACCESS TO FINANCE

Building financiallyfitter SMEs

Access to Finance celebrates five-year milestone and record results.

The Access to Finance programme, which is designed and delivered by Oxford Innovation Advice and fully-funded by the European Regional Development Fund, has supported over 2,400 businesses in Cornwall and the Isles of Scilly during the last five years, helping local businesses raise over £36 million. Accessing finance and funding is cited as one of the main barriers to growth, with many small and medium size enterprises (SMEs) having limited knowledge of what’s available, what’s best for them and how to access it. These issues are addressed through the Access to Finance programme where eligible SMEs are equipped with the knowledge and skills to manage their immediate and future finance needs.

EDUCATING AND INNOVATING

The programme provides free and impartial support through a mix of workshops and tailored one-to-one support covering all aspects of business finance. The team provide assistance with everything from writing a business plan and financial forecasting to identifying and applying for the most appropriate source of funding (eg grants, loans, equity, crowdfunding, debt funding, asset finance). As well as helping established businesses achieve their ambitions, the team also delivers interactive workshops to provide start-ups with the practical knowledge and skills they need to build a robust financial model. Businesses on the programme also benefit from access to a suite of resources and tools. This includes GROWTHmapper® - the UK’s leading business diagnostic tool - which provides valuable insights into the perceived strengths and weaknesses of a business, so

We have that support can be tailored to the needs of each client. helped local businesses raise over £36 million

In addition, the team has recently launched a new online learning platform, which offers 24/7 comprehensive video tutorials to provide business owners with the flexibility to learn at their own pace.

OUTSTANDING OUTCOMES

Andrew Finley, project director, explains: “We are proud of our work and the positive impact we are making to the economy of Cornwall and the Isles of Scilly. The excellent feedback we receive from businesses and partner

organisations year on year is testament to our achievements. In the last five years, we have helped local businesses raise over £36 million from over 100 different finance providers, but most importantly we have helped business owners develop the skills and knowledge they need to implement good financial management to help ensure their future success.

“We are passionate about delivering the highest standards of support and despite challenging economic conditions, we have continued to build partnerships and develop innovative business support services to help local businesses ensure they have the tools to overcome challenges, build resilience and maximise opportunities.

“As businesses are exposed to a tightening economy, they face multiple pressures from inflation, supply chain challenges and reduced consumer spending, it is now more important than ever that businesses have access to high-quality business support services and specialist expertise to help them achieve their growth potential. This in turn will enhance the local economy, job opportunities and the prosperity of our local communities.”

For more information on Access to Finance, visit www.a2fcornwall.co.uk or call 01872 300386.

SUCCESS STORIES

KCS PRINT

KCS Print, a family-run manufacturer of high-quality integrated label forms, has successfully secured a series of grants totalling £137,000 after receiving support.

Zoe Deadman, MD of KCS Print, said: “Access to Finance provides a really personalised service. It is like having an in-house expert in your business. As an SME, we don’t have time to waste so any investment has to make a tangible difference. Access to Finance has probably been the easiest and most directly beneficial business support I’ve received in the last five years.”

WILDANET

Wildanet has worked with Access to Finance since 2017. Over the last 3 years, they have been supported with various seed, grant fund applications and equity rounds.

Speaking about Access to Finance, Charles McKay, CFO at Wildanet, said: “They are crucial in enabling small companies like ours to realise our vision and highlight what funding is out there to pursue. They were pivotal to us achieving our funding goals in the fledgling months of our existence.”

BOOST INNOVATIONS

Boost, a pioneering start-up which has designed a new type of breast prosthesis, has received support with funding applications including securing a £105k investment from the British Design Fund.

Co-founder of Boost, Sam Jackman, said: “The specialists are extremely knowledgeable, honest and quick to respond. The world of finance and investment is quite complex, but being able to lean on the expertise of the Access to Finance team gives you the confidence to know you are making sound decisions.”

PRIMA BAKERIES

Access to Finance has helped Prima Bakeries in Redruth to successfully raise £3m to acquire a competitor business and expand its capacity.

“I will always be grateful to the support given by Access to Finance,” said Mark Norton, MD of Prima Bakeries. “They took time to truly understand my business and provided a thoughtful and professional approach to the task. The work we did together formed the basis of a successful fund raise, allowing us to achieve the planned acquisition.”