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10.08.04
Finance Cornwall now offers up to £1 million

Finance Cornwall can now invest up to £1 million of its own funds in Cornish businesses looking to expand.

The Truro-based business finance company, which is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund, has abolished the previous limit of £650,000 to enable it to support even more local businesses.

And in a further move, Finance Cornwall has removed its minimum investment threshold of £5,000 for its Business Loan Fund and streamlined the application process, allowing it to support more businesses that only require modest investment.

Robin Teverson, Chief Executive of Finance Cornwall, said: "Removing our minimum threshold and raising the ceiling on the maximum we can invest means we can serve as broad a market as possible. Both these moves have been in response to demand. At the lower end of the scale we are seeing many small businesses that only require small sums, so we've removed the £5,000 minimum and made the application process simpler. At the top end we are seeing more and more potential deals nearer the £1 million mark, so we've adjusted our funds to reflect that and can now offer up to £1 million ourselves through a combination of debt and equity. This is significantly above our previous limit of £650,000."

Finance Cornwall offers a wide range of financial solutions from straightforward loans through to venture capital for Cornish businesses looking to develop, whether it's starting up, buying, selling or growing.

To date, it has invested £1.7 million in 30 local businesses, helping to attract almost £10 million in additional funding from other sources, creating an estimated 235 jobs.

Investment decisions are made by a team of locally-based professionals who understand the needs of Cornish businesses, and Finance Cornwall's fund managers work closely with mainstream funders and advisers across Cornwall and the Isles of Scilly.

For more information visit www.financecornwall.co.uk

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Editor's notes:

Finance Cornwall background

Finance Cornwall is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund.

For more information contact:

Jason Clark
Deborah Clark & Associates Ltd
01872 276276
07980 834368

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Sue Wolstenholme
Objective One Communications
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01579 370991

lmroberts@cornwall.gov.uk

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