Objective One approves £3 million business finance scheme
Cornwall and Scilly’s small business sector has been given a £3 million boost with news that the first Objective One fund to help private firms expand and thrive has been approved.
The Cornwall Business Growth Fund has been developed by the South West Investment Group (SWIG) and will be taking applications – on behalf of individual businesses – from April.
The European Regional Development Fund will provide just over £1 million in funding over the next two years that will be used for loans of up to £50,000, at a maximum rate of 35% per project, to help small and medium sized firms employing five or more people expand.
Applicants for grants from the Business Growth Fund will have to find matching funds from other sources – together with the European money this will bring the total investment levered in by the fund to £3 million.
It is anticipated that the fund will directly support over 50 small and medium sized enterprises (SMEs), directly leading to the creation of over 150 new jobs.
Peter Casey from SWIG explained: “This is good news for business in Cornwall. We are bringing together private, public and European money into a package of investment finance, aimed at quality start-ups and helping businesses that can’t access traditional finance to grow.”
Formal applications for funding should be taken from April once SWIG have set up the necessary systems, although any earlier expressions of interest from the private sector will be kept on record.
SWIG can be contacted at Trevint House, Strangways Villas, Truro, TR1 2PA. Tel: 01872 223883, fax: 01872 242470, email: email@example.com.
Objective One Partnership Office
Truro TR1 2UD