Steve Double, Member of Parliament for St Austell and Newquay, has welcomed the news that the Government is providing £4.3m of funding to create a £100m Cornwall Business Fund through the British Business Bank.
The money is to assist with operational costs of the fund, estimated to be up to £4.3m over 10 years. The Government’s backing for this fund will now mean that this financial instrument can progress to the next stage and secure funding from the private sector as well as Cornwall and Isles of Scilly Local Enterprise Partnership and the European Regional Development Fund. It will be used to bring benefits to smaller businesses that are start-ups, high growth, or simply viable but underfunded.
Commenting, Steve said:
“As a former small business owner, I know this is great news for the many small businesses in Cornwall. I have worked hard with government ministers to make the case for this funding and I am delighted to see it get the backing of the government.”
“The establishment of this fund will release up to £100m of investment in Cornish businesses. I look forward to continuing to work with the LEP and other stakeholders to see this fund established and accessible to the small businesses who need it most. This is yet another sign of the government’s commitment to invest in the Cornish economy and ensure we are able to able to make the most of the opportunities of the future.”