Work on venture capital fund gets Objective One funding
A project to deliver a major venture capital and loan fund for businesses in the Cornwall and Scilly has gained Objective One funding for the next stage of development.
If it can be proven to be viable under European rules on using state aid to support the private sector, the model developed by the Finance Cornwall “Scoping Project” will be used as a template for venture capital and loan funds for other parts of the South West receiving European funding.
The Cornish project, which has been develop by Finance South West, will get a grant of just over £83,000 from the European Regional Development Fund, with match funding of over £100,000 coming from the private sector.
The Finance Cornwall Scoping Project also ties in with other business support and finance schemes run by the South West Investment Group (SWIG) and the Loan Guarantee Scheme.
Robin Teverson of Finance South West explained: “Private companies in Cornwall need a straightforward way to benefit from Objective One. That is exactly what Finance Cornwall will provide: business loans and equity finance for companies that have good projects but can’t raise the money.”
“The welcome approval of this further development funding will bring us within striking distance of launching a £20 million fund for business later this year. That will bring a real boost to the Cornish economy as a part of the Objective One programme.”
For more details about Objective One, call the programme’s Helpline on 0800 0280120 or visit the website www.objectiveone.com.
Objective One Partnership Office
Truro TR1 2UD