Business investors meet to discuss access to finance
Published: 19th August 2009
Business investment during the recession was the hot topic at a gathering of the region’s leading finance providers in Sheffield.
The Pro-Sheffield event, organised and sponsored by South Yorkshire Investment Fund (SYIF), brought together a wide range of companies tasked with providing business support.
This included representatives from Yorkshire Forward, HSBC, Barclays, PKF, Hart Shaw, RBS, Lloyds, Barber Harrison and Platt, Strategic Corporate Finance and SYIF.
The meeting, which was held at the offices of Sheffield-based commercial law firm Nabarro, provided an opportunity for SYIF to meet with intermediaries and fellow finance providers to discuss how businesses are coping with the recession and how they are finding access to funding.
Tony Parsons, director at South Yorkshire Investment Fund, said: “Those who attended the meeting are very close to what is happening in businesses, whether that’s a business which is struggling or businesses which are struggling to access finance.
“It is important that SYIF understands what those concerns are and how it can play a role in it. There is no doubt that with all these events, it is about communication and one of the key issues out of the meeting is that we can always improve communication.”
At the meeting attendees all agreed that businesses will find it tougher to get out of the recession than surviving it.
Tony added: “Coming out of the recession a lot more businesses will be struggling for finance and both intermediaries and funders need to be alive to that and provide that finance wherever possible.
“For me the main message for businesses is to manage the cost, focus on the cost, reduce it wherever possible and you will be in a better position to come out of the recession when conditions improve.”
SYIF also gained feedback from intermediaries on their thoughts of the pending Successor Fund, which will begin later this year.
Tony explained: “It will be a Yorkshire-wide Fund and will take over what the South Yorkshire Investment Fund has done, which has been a lot of sterling work. A lot of jobs have been created and protected and this will be looking to continue that in the Yorkshire region at large.”
Further intermediary events are being planned where SYIF and Yorkshire Forward will be able to provide more details about the Successor Fund.
Seedcorn, loan and equity linked investments, ranging from £15,000 to £2.5m are available from SYIF, 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.
Downloads for this News Article
- Tony Parsons, SYIF Director, Podcast (MP3 Podcast .mp3 719KB)
- Roundtable Discussion, Full Podcast (MP3 Podcast .mp3 30.8MB)
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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).