South Yorkshire boost after fund announcement
Published: 16th January 2009
South Yorkshire businesses have received a £7 million boost to kick-off the New Year.
The region will have access to the money, through South Yorkshire Investment Fund (SYIF), after it was made available by Yorkshire Forward.
The Regional Development Agency recently announced it is providing almost £10 million to support business growth in Yorkshire and the Humber.
SYIF are the venture capital and loan fund tasked with investing in small and medium sized (SME) businesses in South Yorkshire who struggle to secure finance for growth through the traditional banking system or from other lenders.
The money from Yorkshire Forward will enable SYIF to continue to invest in businesses until a new regional fund is developed in the autumn. It is hoped this new fund will be worth up to £120 million.
SYIF was established in 2001 and has invested almost £50 million in South Yorkshire businesses (including money with management), created and safeguard 8,000 jobs and helped to generate more than £425 million worth of additional sales.
Last month (December) SYIF completed its 500th investment, when providing an initial £300,000 to South Yorkshire-bound Web Marketing Group.
Tony Goulbourn, chief executive of South Yorkshire Investment Fund, said: We are delighted by the announcement from Yorkshire Forward as this will help continue the success SYIF has already achieved.
It is important we maintain the momentum and this funding will ensure that South Yorkshire businesses can continue to access finance until the Regional Successor Fund is in place later this year.
It is very much business as usual as we begin 2009 and we urge any company within South Yorkshire to speak to us about how we can provide the funds required to assist their growth.
We will continue to work closely with the financial intermediaries in South Yorkshire to help make the Fund available to as many businesses as possible whilst continuing to maintain rigorous investment criteria in these difficult economic times.
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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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).