Fund passes the lucky £13m mark in support of business.
Published: 11th February 2005
Bill Leach, operations Manager and Ground School Registrar at Dragon Helicopters (right) and Tony Parsons from South Yorkshire Investment Fund (left)
South Yorkshire Investment Fund achieved another milestone when the amount of funding invested so far for businesses in the region passed the far from unlucky £13m mark.
After reaching the milestone £10m landmark last year SYIF has maintained its momentum, reflecting a significant shift in the nature of business in the region since the Fund was set up in 2001 to bridge the funding gap which often stifles business growth.
SYIF believes that a new entrepreneurial spirit is emerging in the region as more people seek to develop their own business.
South Yorkshire Investment Fund Ltd Chief Executive, Tony Goulbourn said: "It’s been really exciting to see how the Fund has grown as a force for business in the region over the past three years with the volume of deals increasing year on year. We have witnessed an increasing entrepreneurial culture in South Yorkshire which, in the past, was not always the case with many people choosing to go into traditional but declining industries.
"Balancing the needs of investors with those of businesses remains our core aim and I believe we have made real progress on both fronts and established a solid foundation on which to build the Fund for several years to come."
More than 120 companies have received support from SYIF, which offers loans and equity linked funding packages ranging from £15,000 to £2.5m with effective annual interest rates from as little as 2.4% per annum. Loans up to £150,000 are unsecured for the majority of established profitable businesses with unsecured loans of up to £50,000 available for start-ups or early stage development. Equity linked packages are negotiated on an individual basis from £50,000 to £2.5m.
Recent examples of financial support provided by SYIF include:
Diamond Sheffield Ltd (DSL) – SYIF invested £50,000 in DSL, who make high quality ink-jet ink dispersion for computer printer cartridges, in order for the company to open up worldwide export markets.
Dragon Helicopters Ltd – SYIF helped the Sheffield company become a European leader in helicopter training after the aviation company received a £50,000 loan.
Connexion2 Ltd– The South Yorkshire security company received £200,000 assistance from SYIF in order to further grow the business and market its Identicom security device.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).