The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has reached a major milestone having invested over £21m to support the growth of more than 55 businesses, creating or safeguarding almost 1,000 jobs and attracting a further £80m of private investment.

Since its launch by the British Business Bank and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) in 2018, the fund has been providing market-gap loans and equity investment to SMEs (small to medium enterprises) with high-growth potential via appointed fund manager, The FSE Group.

A recent CIOSIF evaluation showed businesses supported by the fund have strengthened their skills base, improved efficiency, become more innovative and reduced their environmental impact.

Two-thirds believed these positive outcomes had either been accelerated as a result of CIOSIF funding or would not have happened without it. And 90 per cent of businesses surveyed reported increased resilience as a result of the funding they received.

John Acornley, chair of the CIOSIF Advisory Board and until recently a LEP non-executive director, said: “When we developed the Cornwall and Isles of Scilly Investment Fund with the British Business Bank the aim was to break down barriers in access to finance for SMEs in the region. Five years later we have seen how successful it has been in unlocking the potential of growth businesses and demonstrating the transformative impact of external finance.”

Ralph Singleton, Cornwall head of fund at The FSE Group, added: “It has been a real pleasure to support the rich and diverse range of growing businesses across the whole of the Cornwall and Isles of Scilly region. At FSE we pride ourselves on our ‘more than money’ approach and it’s great to see from the evaluation how much this is valued, with both customers and stakeholders commenting positively on the team’s expertise and the wider support provided. We are proud of the wide range of industries supported.”

CIOSIF will continue to provide debt and equity funding between £25,000 and £2million until the end of 2023.

In July the British Business Bank will launch the £200m South West Investment Fund (SWIF). It will offer a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million across the South West region. SWIF is the first in a series of six new Nations and Regions Investment Funds being launched by the Bank.

Recipients of CIOSIF funding include Tugdock, Refined Brands and Pentire Drinks.