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Funding still available for businesses

Published: 21st September 2008

South Yorkshire Investment Fund (SYIF) has reiterated its message that just under £10million of funding remains available for businesses to take advantage of.

The money comes from what remains of SYIF’s current Fund and a £4million interim fund from Yorkshire Forward, ensuring that South Yorkshire businesses can continue to access finance up to the end of 2008.

SYIF chief executive Tony Goulbourn briefed intermediaries who work with SYIF in the region about the available money at two update events held around South Yorkshire. 

Tony said: “The message is all about continuity and it is important that we communicate that to intermediaries, who work with us on deals.

“For the period up to end of this year we have additional funding from Yorkshire Forward of £4million. We are in the final stages of agreeing a further package of funding that will bridge the gap when our investment period finishes at the end of 2008 and when the planned Regional Successor Fund is in place from around autumn 2009.
 
“The main message to communicate is that businesses can continue to access finance when they need it.”

SYIF is currently working closely with Yorkshire Forward and Partnership Investment Finance (PIF) to develop plans for a Regional Successor Fund which will build on the success of the existing SYIF and PIF funds. 

SYIF has already invested £50million (including money with management) into more than 460 South Yorkshire businesses since it was established in 2001. This is expected to see a return of more than £19million, which will be available from 2013.

Tony added: “What is important is that the £19million that will be the legacy of our first investments is re-invested. That’s why the European commission and the UK government gave us the money.

“What we are really passionate about is that this money is there for the benefit of South Yorkshire businesses. This will hopefully see the creation of an evergreen fund and a permanent fund for businesses in this region.

“The hope is that the planned Regional Successor Fund will operate from 2009-2013. Therefore the plan is to create another fund that continues beyond 2013 so you have a permanent available fund for this region. That was the original aim when we started and we are on track to achieve that objective.”

The podcast, presentation slides and the intermediary research paper from the update events can be downloaded below.

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

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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).