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Loan fund approves first investment
05 August 2009
A high-tech software company in Cornwall has received the first
loan from the £10 million South West Loans Fund, set up to help
viable businesses access finance to support their growth plans.
T-Plan, based on the Tolvaddon Energy Park near Camborne, has
received £150,000 to invest in staff recruitment and the launch of
a new product, creating eight new jobs over the next two years.
The loans are among £600,000 of investments that have been
approved since the fund was launched three months ago, and T-Plan
is the first company to receive its money. In that time the fund
has received more than 200 enquires and almost 80 applications are
being progressed.
The £10 million fund was set up by the South West RDA (Regional
Development Agency) to help growth-orientated businesses with
viable business plans.
The money is provided by the RDA (£3.75m) and the European
Regional Development Fund through the ERDF Convergence Programme in
Cornwall and the Isles of Scilly (£3.75m) and the ERDF
Competiveness Programme for the rest of the region (£2.5m).
Stephen Bohane, head of business development for the South West
RDA in Cornwall and the Isles of Scilly, said: "T-Plan is exactly
the sort of business the loan fund was set up to support. They have
excellent products and a growing international blue-chip client
base but like many companies in the current market they need help
accessing finance."
T-Plan was founded in 1990 and specialises in testing software
to help clients get the most from their IT systems. The business
employs 11 full time staff and clients include the Bank of England,
Virgin Mobile, BAe Systems and Xerox.
Chief executive Steve Marshall said: "I strongly believe that
Cornwall should be the home of software in the UK, our very own
Silicon Valley. With a great working environment, sensible cost
base and the ability to sell products globally through broadband at
the push of a button, Cornwall has the perfect opportunity to
develop a vibrant new industry sector and I'm delighted that T-Plan
is one of the first companies in the region to benefit from this
valuable new source of working capital that will enable us to
maximise new market opportunities."
The South West Loans Fund is overseen by South West Investment
Group (Capital) Ltd whose chief executive John Berry said: "Our
fund managers have seen strong demand for the loan fund and we are
delighted to be announcing our first investment. We've approved
£600,000 of loans have been approved so far and other announcements
will follow once contracts have been signed. We are targeting
investment at those businesses with real potential to make a
difference to the regional economy and have been impressed by the
quality of proposals coming forward to our fund managers."
Carleen Kelemen, director of the Convergence Partnership Office,
said: "This is one of a raft of products supported by ERDF
Convergence and on offer to businesses in Cornwall. It will boost
business expansion and economic growth - two clear aims of the
Convergence Programmes."
Businesses interested in funding out more about the loan fund
should contact Business Link on 0845 600 9966 or visit
www.businesslink.gov.uk/southwest.
Ends
For more information contact John Casey, on 01208-77900 or via
john.casey@dca-pr.co.uk
Notes to Editors
1. The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It
works in partnership with public, private and social purpose
organisations to drive up the region's productivity by giving
people the skills they need, encouraging enterprise, improving
infrastructure, regenerating places, and promoting the strengths of
the region.