Evaluating how access to finance support contributes to business growth

Wavehill undertook an independent evaluation of the Access to Finance Plus (A2F+) project for Oxford Innovation to assess its delivery and impact across Cornwall and the Isles of Scilly. The work aimed to understand how the programme supported businesses to secure finance and strengthen their capacity for growth.

The evaluation combined qualitative and quantitative evidence to build a detailed picture of performance and outcomes. This included:
• Review of project documentation and monitoring data
• Stakeholder interviews and beneficiary surveys at interim and final stages
• Use of the Office for National Statistics Secure Research Service to access firm level data

A key feature of the approach was the creation of a matched comparison group using the Business Structure Database. Analysis was conducted within the ONS secure research environment, enabling robust difference in difference assessment of turnover and employment outcomes.

This approach supported a clear understanding of how supported businesses performed relative to similar firms.

What the evaluation demonstrated

The evaluation provided evidence of measurable change across businesses engaged in A2F+.
• Supported firms secured £9.5m in finance
• Businesses reported stronger financial capability, planning and awareness of funding options
• Around half reported changes to business strategy following support

Performance data also showed growth in key business indicators:
• Average turnover increased by 52%, with a proportion attributed to programme support
• Employment increased by 33% across participating businesses

The quasi experimental analysis added further insight. Businesses supported through the Access to Finance model showed statistically significant differences compared to matched firms, including:
• Higher turnover levels over time
• Higher employment levels sustained over multiple years

These differences indicated a measurable programme contribution to business growth.

Insight for future delivery

The evaluation provided Oxford Innovation with a clearer understanding of how structured financial support and advisory services influenced business outcomes. It demonstrated how combining advisory support with financial readiness activity supported progression from capability building to investment.
The findings informed ongoing refinement of business support delivery, supporting continued focus on approaches that enabled firms to strengthen financial decision making and secure external investment.