What is The Cornwall and Isles of Scilly Investment Fund?
CISOIF, supported by ERDF, is a collaboration between the British Business Bank and the CIOS LEP. CIOSIF combines the LEPs’ knowledge of local businesses and economic conditions with the experience and resources of the British Business Bank as Government’s centre of expertise in small business finance markets.
How does CIOSIF invest? CIOSIF does not invest directly in SMEs. It invests through product funds which are managed by CIOSIF’s appointed Fund Manager. There are two types of product fund: , Debt Finance and Equity Finance.
Where does CIOSIF’s funding come from? CIOSIF’s funding is drawn from several sources, including UK Government and European Regional Development Fund (which includes an allocation from the Local Enterprises Partnership ).
What type of funding does CIOSIF offer? CIOSIF’s product funds make commercially focussed investments through two types of funds: Debt Finance and Equity Finance. The product funds can provide investment for SMEs in amounts from £25k to £2 million.
How do I apply for funding? Enquiries and applications are made direct to CIOSIF’s selected Fund Manager, full details of which can be viewed at www.ciosif.co.uk. In our experience businesses improve the turnaround time of their application and their chance of success if they work on their application with their accountant or business adviser. CIOSIF cannot provide financial or business advice to SMEs seeking funding.
Where do I need to be based to apply for an CIOSIF investment? The Cornwall and Isles of Scilly Investment Fund covers the Cornwall and Isles of Scilly region. If you are based in the North please look at www.npif.co.uk to view the finance options available in your area. If you are based in the midlands please look at www.meif.co.uk to view options.
What’s the difference between CIOSIF and high street finance providers? The product funds that CIOSIF supports provide commercially focussed funding to SMEs in the region. CIOSIF’s product funds can provide co-investment with other funders in a funding round, or can invest alone, where no other funding is available.
What is an SME? An SME is a business employing fewer than 250 employees, with an annual turnover of less than 50m Euros (=£45m) or balance sheet net assets of less than 43m Euros. The business cannot be part of a larger group employing more than 249 employees and where the group owns at least a 25% share of the business. To be eligible for funding from the fund that CIOSIF supports, an SME must have a material part of its operations, staffing or trading based in the CIOSIF area (or plan to establish such a presence within 2 years.)
My bank can’t fund the total amount that I need, how can CIOSIF help? CIOSIF’s product funds can invest in companies alongside other investors in a syndicate to make up an investment package.
What funding is not eligible for CIOSIF support? CIOSIF-sourced funding cannot be used to invest in businesses in the following sectors: property development, ship building and agriculture. In addition it cannot be used re-finance existing commercial borrowing or help failing businesses.
Find Out More
If you would like to meet with CIOSIF's appointed Fund Manager to talk in more detail please go to Funds Available to find the Fund Manager operating in your area