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14.04.03
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."

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Editor's notes:

Issued by:
South West Investment Group
Trevint House
Strangways Villas
Truro
TR1 2PA
Tel: 01872 223883
Fax: 01872 242470
Email: info@southwestinvestmentgroup.co.uk

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Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
jason@dclark.co.uk

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