Fund gives £20,000 extra for Medical Company
Published: 20th December 2002
South Yorkshire Investment Fund has provided a medical company in Barnsley with a £20,000 unsecured loan to boost its working capital.
Single Use Surgical Ltd manufactures and supplies single-use surgical instruments that have the functionality, feel and look of re-usable instruments.
Based at the Barnsley Business Innovation Centre, the company supplies both NHS and private hospitals. It recently completed trials at 20 hospitals in Ear Nose and Throat Surgery, Neurosurgery, Maxillo Facial, Opthalmics, and General Surgery.
Managing Director Matthew Tully said: "This extra funding will support the business in our push for further expansion and growth. We are very keen to expand our markets at home and abroad.
"Our products are becoming increasingly important, particularly because of the concerns and scares about VCJD and the effectiveness of cleaning the fine tubes of traditional re-usable suction instruments."
The company makes a range of high-quality single-use fine suction tubes for neurological and Maxillo Facial surgeons and Single Use Surgical products have been well received at national and international exhibitions.
Advised by financial and medical consultant Colin Rylett the firm has also received £30,000 under the government’s loan guarantee scheme.
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd,
said: "We are keen to help both small and large businesses to develop. Single Use Surgical are innovators in their field and we are delighted to help them build on their success to date."
The Fund provides development and risk capital ranging from £15k to £1m to businesses in, or prepared to relocate to, South Yorkshire.
It offers two key products, one of which is loans, ranging from £15k to £150k with effective annual interest rates are from as little as 3%.
The second product is an equity-linked package, ranging from £50k to £1m where the Fund takes a minority stake in the business.
The equity-linked package, with its competitive fees, is designed for new or existing businesses with potential for rapid expansion. Investments can be made as a mix of ordinary and preference shares or subordinated loan stock.
A unique feature of the way the Fund can help businesses is the Mentorbank project, which provides subsidised mentoring support to help management teams grow the business more profitable.
The Fund’s products are designed to support businesses through critical stages of growth. From start through to major expansion, the fund will provide financial support. If a business is looking to start up, invest in new technology or equipment, enter new markets or locate into South Yorkshire it should call South Yorkshire Investment Fund first.
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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).