Further to my last blog post on the Cornwall & Isles of Scilly Investment Fund (CIOSIF), I have had sight of the slides used at the launch event and I share with you ten pieces of useful information from these, in terms of context for establishment and delivery of the CIOSIF:
|1||Stimulus for setting up the CIOSIF (1)||
|2||Stimulus for setting up the CIOSIF (2)||CIOS has 1% of all UK SMEs but only 0.1% of equity deals|
|3||Who is behind CIOSIF||CIOSIF is a collaboration between the British Business Bank and the Cornwall & Isles of Scilly Local Enterprise Partnership|
|4||Where does the money come from||A combination of ERDF, LEP and HMG grant funding|
|5||Fund term/ investment period (see further below)||Fund set up as ten year limited partnerships, with a five year investment period
|6||Objectives of CIOSIF||
|7||Target audience – Loans||For growing companies with a viable business proposal that is unable to obtain debt funding from the private sector due to a lack of collateral or track record|
|8||Target audience – Equity||Companies affected by the equity gap, with approximately
50% supporting research, development and innovation
|9||Eligibility – Loans||
|10||Eligibility – Equity||
Copy of the slides can be found here.
We have provisionally arranged for the fund managers (debt and equity) to present at our October Breakfast Briefing. More details on this and other CIOSIF information will be posted onto our website in due course.
Any questions, please do not hesitate to contact my colleagues or myself.