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Loan Boost for Sheffield Recycling Firm: South Yorkshire Investment Fund provides £50,000 loan for Carwick Recycling

Published: 21st September 2005

Michael McErlain, Carwick's Company Secretary with Investment Manager Karl Hodson

A Sheffield-based waste recycling firm will create four new jobs as the business continues to expand following a £50,000 loan from South Yorkshire Investment Fund (SYIF).

Carwick Recycling Ltd, which has a head office in Attercliffe, operates a licensed recycling centre, collecting and recycling waste from commercial and industrial clients across a range of sectors.

Big client wins, positive references and the changing public attitude to environmental responsibility meant that Carwick required external funding to invest in its continued growth.

Michael McErlain, Carwick's Company Secretary, said: "South Yorkshire Investment Fund were great to work with. They were highly efficient with decisions made quickly and their financial and business advice has also helped take things forward."

"We are a local company providing a full range of waste systems, from Euro Bins and FELs (Front End Loaders) to skips and 'rollonoffs'. I knew we had the potential to keep the business moving in the right direction but we needed a little help to maintain our momentum. The loan and services provided by SYIF have proven invaluable in doing this."

Investment Manager Karl Hodson, said: "It's important that local businesses such as Carwick Recycling are not unnecessarily restricted in their ambitions. South Yorkshire Investment Fund is always looking for local businesses and business people who need a little extra in order to make the next big step."

South Yorkshire Investment Fund offers a range of loan and equity linked investments, ranging from £15,000 to £2.5m, to help small and medium businesses bridge the funding gap that often hamstrings growing businesses.

Editor's Notes

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).