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Successor Fund 

Published: 24th October 2006

David Moody, Chairman, South Yorkshire Investment Fund.

As part of our accountability to the region here is our ‘A Successor Fund to South Yorkshire Investment Fund’ report.

It is the view of the SYIF board that a successor fund is vitally needed in the interests of South Yorkshire business. The Fund reaches businesses that could not otherwise obtain loan or equity finance, because it invests where the banks and traditional sources of equity funding will not invest. It takes risks that banks and equity funds will not, as is demonstrated by the default rates experienced over the last four years. Above all, with less fi nancial support available to business in the post-Objective 1 regime, the Fund’s revolving fi nance approach to business support will ensure that the available cash goes further.

SYIF has consulted widely in South Yorkshire with a full range of stakeholders and there is a general support for a successor fund on the basis that the Fund will provide a commercial and sustainable fund, driven by the local businesses for local businesses.

We welcome your views and feedback on this report and these can be sent via our contact page.

More information will be made available at www.syif.com/successorfund/ as it becomes available.

Yours sincerely,

David Moody Chairman

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).