Cash boost for successful IT company
Published: 3rd June 2009
A Sheffield IT company has secured a six-figure contract with a well-known national children’s hospital.
The deal will significantly boost the turnover of Connect-IP, based at the Vector 31 Networkcentre in Wales Bar, near Rotherham.
Connect-IP provides data cabling and IT infrastructure for organisations across a variety of sectors, including health and finance, and has recently gained a number of national contracts.
To support the increase in working capital required to manage the contracts, Connect-IP received a £30,000 loan from South Yorkshire Investment Fund (SYIF).
Mark Richardson, Director at Connect-IP, explained: “The money from SYIF enabled us to secure and deliver phase one of the upgrade for the hospital. We are now embarking on phase two, which will run throughout the next 12 months.
“It’s a significant contract for the company and will rapidly increase our turnover for 2009.
“We had seen a number of national contracts come in and the company enjoyed a rapid expansion during a short period of time. The working capital was vital to keep the progress going.”
Connect-IP has demonstrated year-on-year growth since being established in 2005.
Grahame Lunt, investment manager at SYIF, said: “We are pleased to support Connect-IP with additional funding to enable them to undertake a substantial contract and for Connect-IP to continue to grow.
SYIF can provide seedcorn, loan and equity linked investments, ranging from £15,000 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).