BIG1 Legacy

This project is receiving up to £3.6m of funding from ERDF fund as part of the European Structural and Investment Funds Growth Programme 2014-2020

Approved projects BIG and BIF.xls

Call: 01872 322372 or Email: big@cornwalldevelopmentcompany.co.uk

BIG was designed to support investments in high growth or potential high growth businesses based in Cornwall and the Isles of Scilly with an aim to support some 225 investments equating to a total of £3,883,890 (ERDF) over the course of its three year lifetime, creating 417 jobs and increasing GVA by £9,380,000. The project commenced in January 2012 and publicly launched in May 2012, closing to new applicants at the end of 2014, with official project closure extended from the end of June to the end of July 2015.

By July 2015 the BIG project invested £3,498,167 through 225 projects in 181 businesses.
Successfully investing 96.6% of the £3.621m available for investment.

On a smaller scale, the BIF project invested £221,346, of the £262,346 available (84%) through 24 projects in 23 businesses.

The ERDF investment across both projects levered in excess of £5m of private sector investment in business growth. The final project evaluation found that there was a good geographical spread of investment across Cornwall and by sector, with a high proportion in Manufacturing.

The benefits of the investment met or exceeded expectations for 83% of BIG participants, helping the project to record strong economic outputs:

  • BIG had created 433.7 FTE jobs, against a target of 417.
  • BIG had created £13.5m GVA against a target of £9m.

The BIG project offered better than average additionality, with low levels of deadweight and displacement. Following investment by BIG, 57% of businesses showed a higher level of growth aspiration.

Stakeholders were of the view that BIG created a legacy through direct investment in the Cornish economy resulting in the creation and jobs and GVA previously reported. But perhaps more importantly the legacy is also demonstrated through:

  • Evidence that investment is linked to higher growth aspirations; and
  • Evidence that investment has improved confidence in seeking finance.

The beneficiary survey found that businesses used the investment to drive both productivity and growth. The project offered excellent value for money compared with other ERDF investments examined in the final Convergence programme evaluation.

Approved projects BIG and BIF.xls

 

 

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