South Yorkshire businesses to benefit from interim fund
Published: 21st July 2008
The momentum of investments made by a leading finance organisation into South Yorkshire businesses is set to continue with the announcement of a £4 million interim fund.
Yorkshire Forward has revealed that South Yorkshire Investment Fund (SYIF) will receive the extra funding to ensure it can continue to invest until the end of 2008 while plans for a Successor Fund that is set to launch next year are finalised.
Tony Goulbourn, chief executive of SYIF, said: "We are delighted that, Yorkshire Forward are investing extra £4 million to South Yorkshire. This reflects the strong working partnership we have with Yorkshire Forward. More critically, it will ensure that businesses can continue to access finance when they need it and that the momentum we have gained will not be lost so we can continue to invest up to the end of 2008.
"The additional funding means that we now have just under £10 million to invest until the end of the year so the message to intermediaries and businesses in this region is get in touch because we are actively looking for applicants.
"The Small Business Fund, which provides mainly unsecured business loans, has £1.1 million of the original fund to invest and our combined equity linked funds have £4.7 million left to invest. All our sub funds, including the Seedcorn Fund, will then use the additional £4 million that has been made available to fund further investments." SYIF is now continuing to work closely with Yorkshire Forward and Partnership Investment Finance (PIF) to help establish a Yorkshire-wide Successor Fund which will build on the success of the existing SYIF and PIF funds.
Added Mr Goulbourn: "More than £50 million, including Money with Management, has been invested by SYIF in South Yorkshire businesses. This has been crucial to the region's economy, helping to generate business growth and will provide a return of £20 million, creating a foundation for the future investment in the region. The future will be in the form of a new regional fund, to be introduced in 2009. This will mean the success of SYIF will continue."
SYIF will be holding breakfast events in early September to update partners and intermediaries on the Funds progress and the latest plans for the Successor Fund. Details of the events will be announced nearer the time.
SYIF can provide 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.
For more information about South Yorkshire Investment Fund, please visit www.syif.com or ring 01709 386377.
For more information on funding still available to businesses across Yorkshire and Humber please visit http://www.yorkshire-forward.com/www/view.asp?content_id=8916&parent_id=8828
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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).