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SYIF loan helps to fund technology parks refurb

Published: 4th January 2007

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SYIF Investment Manager Clive Downward (left) with STP Chief Executive Peter Wood

Sheffield Technology Parks Arundel Street site (STP) is set to undergo a major refurbishment programme, thanks to a loan from South Yorkshire Investment Fund (SYIF).

Old workshops at the city centre site will be transformed into a new wing of modern office space, which will open in 2007. SYIF have provided Sheffield Technology Parks (STP) with a loan of £150,000 to help fund the refurbishment. The project has also received other funding from Objective 1 and a commercial bank.

A leading creator of world-class business incubation for technology start-ups in the digital, information technology, e-business, software and multimedia sectors, STP has assisted more than 70 businesses over the past two years alone. They provide accommodation and specialist business support for technology based businesses and start-ups in South Yorkshire.

STP prides itself on its ability to provide honest and practical business advice to its clients.

Chief Executive, Peter Wood, said: "Our vision is to actively contribute to regeneration, job creation and technology advancement in Sheffield and South Yorkshire by encouraging technology and knowledge-based businesses to develop. The new wing of modern office space will allow us to expand our leading regional centre and we are very grateful to  South Yorkshire Investment Fund for providing us with the loan. Work will start on the refurbishment in the next couple of months now we have all the funding in place."

"In an effort to increase the number of start-up businesses, we are constantly evolving our offer to new start-ups and entrepreneurs. We have skilled in-house business advisors and mentors and a network of specialised external consultants It is still always important to compare incubation practice with the best in Europe."

"It’s very exciting time for STP and we are pleased that the SYIF are supporting us in our expansion."

SYIF Investment Manager, Clive Downward, said: "STP is an established company with a very clear vision for future development."

"We are very pleased that the loan is helping to fund extensive refurbishment at the STPs’ Arundel Street site."

SYIF provide loans and equity linked investments ranging from £15k to £2.5m to businesses already in, or prepared to relocate to, South Yorkshire. The Fund has already invested over £26 million in 202 businesses.

For more information on how SYIF can help businesses, please go to www.syif.com or call 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.

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).