Cornwall and Isles of Scilly Investment Fund – Interim Evaluation Report

SQW, supported by the Centre for Enterprise and Economic Development Research (CEEDR) at Middlesex University, Belmana and BMG Research, has been commissioned by the British Business Bank (the Bank) to evaluate the Investment Funds across the Northern Powerhouse, Midlands Engine, and Cornwall and Isles of Scilly. This report covers the interim evaluation of the Cornwall and Isles of Scilly Investment Fund (CIOSIF) which took place between April 2022 and August 2022.

This interim evaluation report builds on the early assessment of CIOSIF, which was completed in March 2020. The interim evaluation explores the effectiveness of delivery processes, performance against targets (spend and outputs) and learning around what is working well (or not) and why. It also revisits evidence on the relevance of, and demand for, the intervention, alongside finance additionality. As the interim evaluation took place when the Fund had only been operational for three years (two of which were significantly disrupted by the Covid-19 pandemic), the emphasis in this report is on emerging outcomes and overall performance. Given the small number of SMEs supported to date, it has not been possible to undertake econometric analysis of net impact or quantitatively assess value for money.