Top tips from Finance in Cornwall 2024

This year’s Finance in Cornwall was another real success! We had fantastic feedback from delegates and there was such a buzz in the room.

Our presenters from across the funding landscape gave a good reflection of the range of funding options available and the business networks that help make Cornwall such a vibrant place to do business.

Top six takeaways

1. Business confidence amongst small businesses in the South West has surged in the first quarter of 2024, following sustained falls, to its highest level since October 2021 (FSB).
2. Grant funding has become scarcer with the delivery of Shared Prosperity Fund on pause. The Government has made no further announcements on any national funds to replace it.
3. AI is becoming a part of daily life in the business world. It is a divisive issue with many businesses embracing it to maximise efficiency, whilst others prefer to steer clear. There are opportunities available for business leaders who want to brush up their digital skills to enter into the world of AI.
4. Challenger banks and alternative lenders are on the rise across the country, proportionately Cornwall is perhaps slightly behind the trend. Challenger banks and alternative lenders are definitely looking to lend in our area, so don’t be defeated if your high street bank says no.
5. Lack of grant funding and increased borrowing costs are resulting in equity finance becoming more appealing to companies. There are opportunities for investors and investable businesses to come through the brand new Cornwall Angel Network (details to follow later this year). There are also other intermediaries such as Folk to Folk and Crowdcube for individual to business investment.
6. Get investment ready if you are looking for funding to grow your business, it is important to start looking at whether your business is investable now. This will ensure that you are ready when the opportunities arise.

Any questions you may have please contact your usual point of contact at PKF Francis Clark.