Home > News & Events > April 2006 > News Article

Special 0% finance deal on loans for businesses extended

Published: 10th April 2006

Please note: This offer has now ended.

South Yorkshire Investment Fund has extended its special time-limited offer on loans for businesses in Barnsley, Doncaster or Rotherham by another six months.

The initiative, which offers an effective interest rate of 0% for 12 months on selected loans, is aimed at increasing applications to the Fund from these areas.

It means that businesses who pay their rates in Rotherham, Barnsley or Doncaster, who complete and draw down loans by September 30, 2006, can effectively enjoy an interest free loan for the first 12 months.

Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: “We want to hear from more businesses based in Barnsley, Doncaster or Rotherham who are looking to take their business to another level. We have extended the special loans offer in a bid to attract more companies from these areas.”

To benefit from this offer a business is required to use a mentor or non-executive director from the Funds’ Mentorbank project, or if appropriate, an existing mentor who is working with the business. The mentor can give invaluable help and advice and the Fund will even subsidise their cost up to a maximum total of £6000.

The offer, which is subject to availability and take-up, is also dependent on timely repayments and the provision of monthly management accounts and reports.  The minimum qualifying loan term is three years.  Some restrictions apply to the types of businesses the Fund can finance – including retail, primary industries such as coal mining, agriculture and some property development.

The Fund can provide loans and equity investments ranging from £15k to £2.5m to businesses in, or prepared to relocate to, South Yorkshire. The Fund has already invested £19.6 million in 162 businesses. The Fund was created as part of the Objective 1 programme, and is a private and public sector business finance provider. The European Regional Development Fund is an investor in the SYIF.

The Fund offers two key products, one of which is loans ranging from £15k to £150k. Loans are unsecured for the majority of established profitable businesses with unsecured loans of up to £50k available for start-ups or early stage businesses.

The second product is an equity-linked package of a loan with equity options or  equity investment, ranging from £50k to £2.5m where the Fund may take a minority shareholding in the business.

To make an application, go to: www.syif.com or telephone us on 01709 386 377

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.
http://www.finance-yorkshire.com

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).