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23.09.05
Finance Cornwall Passes £5 Million Investment Milestone

Finance Cornwall, the Cornwall-based business finance company, has passed the £5 million investment milestone having invested in 70 Cornish companies creating 331 jobs and safeguarding a further 631. The investment has attracted an additional £15 million from other sources, which means Cornish businesses have benefited from £20 million of investment that would not have happened without Finance Cornwall's funds.

The Truro-based company was set up three years ago with support from the Objective One Programme for Cornwall and the Isles of Scilly, Cornwall County Council and Barclays Bank. Finance Cornwall offers funding packages ranging from £10,000 to £1 million to help businesses in or locating to Cornwall and the Isles of Scilly to start up, grow or change ownership.

A team of expert business mentors and non-executive directors provides on-going support to ensure that businesses make the most of the funding they receive and achieve their growth potential.

Robin Teverson, chief executive of Finance Cornwall, said: "Hitting the £5 million mark is excellent news and demonstrates the demand for the hands-on finance and on-going business support that we offer. And what's very encouraging is that we're seeing businesses we supported in the early days grow and come back to us for further investment to reach their goals, and that's great news for the economy of Cornwall."

Carleen Kelemen, director of the Objective One Partnership, said: "Finance Cornwall is part of the wide package of business support that the Objective One Programme has invested in to create the environment in which our businesses can thrive. Having reached the £5 million milestone, Finance Cornwall has established itself as part of the region's financial infrastructure."

Andrew Mitchell, Cornwall County Council executive member for the economy, said: "The council has £800,000 invested in Finance Cornwall and I'm delighted to see that our funding is being put to such good use in supporting the growth of local businesses. As those businesses thrive and repay their investment in the coming years, that money can then be reinvested to support more businesses and will ensure that Finance Cornwall achieves its aim of becoming a self-sustaining fund long into the future."

For further information please contact Jason Clark of Deborah Clark and Associates on 01872 276276 or email: jason@dclark.co.uk.

The Objective One Programme for Cornwall and the Isles of Scilly has invested in Finance Cornwall through the European Regional Development Fund (ERDF).

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Editor's notes:

Finance Cornwall has invested in a wide range of businesses across Cornwall. If you would like a case study for a business in your area then please contact Jason Clark on 01872 276276, mobile 07980 834368, email jason@dclark.co.uk.

Finance Cornwall is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund.
Finance Cornwall's funds are administered by Finance Cornwall Fund Managers Limited, which is authorised and regulated by the Financial Services Authority.

For more information visit www.financecornwall.co.uk

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Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk