Small Grant Fund ... a big success!
Objective One grant fund closes after helping nearly 100 businesses
A successful Objective One fund that assisted nearly 100
Cornish businesses has now drawn to a close.
The Cornwall Small Business Grant Fund, managed by Truro-based South West Investment Group offered grants of up to
£3,000 on a 'gap funding' basis to new and
small businesses to help them get new projects off the ground.
The funding allocation of £200,000 is now fully committed,
less than 2 years after the scheme was launched. A total of
97 businesses will have benefited by the time all monies are
claimed, with an estimated 198 jobs set to be created.
South West Investment Group has so far invested £1.2
million pounds of Objective One money into 141 Cornish businesses
and approved a total of £1.7 million to 168 businesses
through its aid schemes. The not-for-profit company this week
hailed the success of the grant fund in stimulating new activity
amongst fledgling businesses across the county.
"We have been inundated with enquiries and applications
since day one," said Managing Director Peter Casey. "It
just shows the energy and talent there is amongst Cornish
entrepreneurs. The idea of the fund was to provide that extra
incentive for small businesses to develop new products and
markets. We were particularly interested in those projects
that had great potential but lacked enough capital to go ahead
without grant help. The fact that many of these businesses
are now thriving is testimony to the success of the scheme."
Whilst the grant fund will not be replaced for the foreseeable
future, South West Investment Group continues to offer interest-free loans for small businesses that qualify for Objective
One support. Peter Casey commented: "A number of businesses
that we first helped with grant support are now coming to
us for loans to help them with their next stage of growth.
This is great as the money will then be recycled for the benefit
of other growing local businesses for years to come."
South West Investment Group
Tel: 01872 223883
Fax: 01872 242470
Objective One Partnership Office
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
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