Cornwall & Isles of Scilly Investment Fund

The Cornwall & Isles of Scilly Investment Fund (CIOSIF) was established in June 2018 to provide debt and equity finance ranging from £25,000 to £2 million to small and medium-sized enterprises (SMEs) in Cornwall and the Isles of Scilly. The fund aimed to address the equity gap in start-up, early-stage, and development capital by offering accessible financing options to local businesses. CIOSIF was a collaboration between the British Business Bank, the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), and the European Regional Development Fund (ERDF), with the goal of fostering economic growth and job creation in the region.

Over its investment phase, CIOSIF made 68 investments totaling £15.5 million in 50 Cornish SMEs, comprising £10.9 million of equity and £4.6 million of debt. These investments leveraged an additional £46.3 million from the private sector, resulting in nearly £62 million of investment into local businesses. The fund supported a diverse range of sectors, including digital technology, communications, boatbuilding, manufacturing, and events. Notably, CIOSIF's first investment was a £750,000 equity stake in Wildanet, a wireless internet service provider, which aimed to expand broadband access in rural areas and create approximately 39 jobs over the next three years.

In December 2023, CIOSIF completed its investment phase and transitioned to the South West Investment Fund, which launched in March 2024. The new fund continues to support growing companies across the South West, with a focus on sustainable and inclusive growth. CIOSIF's legacy includes its significant contribution to enhancing business resilience, skills, and innovation among SMEs in Cornwall and the Isles of Scilly, as highlighted in a 2023 evaluation report. The fund's strategic approach and successful investments have left a lasting impact on the region's economic development and the growth trajectories of numerous local businesses.