Help may be at hand when buying commercial property
Published: 6th February 2006
Pictured from the left is Allan Wood, Investment Manager at SYIF, with Managing Director of Labfacility, Martin Riddett.
Businessmen and women wanting to buy a commercial property in South Yorkshire, may be able to receive a helping hand from South Yorkshire Investment Fund.
Rotherham-based South Yorkshire Investment Fund (SYIF) may be able to help business people fill any funding gaps, when their business needs to move to pastures new.
Working closely with the company’s existing funders, SYIF can provide loans of up to £150,000 for established and profitable small to medium sized businesses – to fill the gap between the purchase price of the property and the mortgage available from the bank
To apply, businesses have to complete the application form and provide additional information as detailed on the SYIF website at www.syif.com
Labfacility Ltd recently took out a £125,000 loan with SYIF – which was part of a funding package that enabled the company to purchase new premises in Dinnington. The newly built unit provides the company with more operating space and significant room for growth – and enables the company to provide a staff canteen and large meeting and training room.
But, to finance the purchase the company needed a total of £445,000 which consisted of £365,000 purchase price plus £80,000 of moving expenses.
The company’s bank was prepared to lend 80% of the purchase price, £25,000 of private finance was raised – leaving the £125,000 gap – which SYIF plugged.
Labfacility secured the funding package because it was able to demonstrate that it could service its existing loans plus the new loans taken on in relation to the property purchase.
Martin Riddett, Managing Director of Labfacility, said: "Without the assistance of SYIF, Labfacility would have found it tremendously difficult to have achieved the funding required for the purchase in the time frame required and we are eternally grateful for their help."
Tony Goulbourn, Chief Executive of SYIF Ltd, added: "We were only too happy to help Labfacility – and we want to help even more companies across South Yorkshire."
Conditions do apply to the loans and full details can be obtained by ringing South Yorkshire Investment Fund on 01709 386377 or by emailing email@example.com
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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).