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Jobs boost from investment fund

Published: 26th April 2010

More than 9,100 jobs have been created and safeguarded in this region over the last decade due to the support provided by South Yorkshire Investment Fund (SYIF).

The venture capital and loan fund is coming to an end after nine years of investments in South Yorkshire businesses, with the new regional wide Finance Yorkshire now taking on responsibility for making money available to companies.

Since being launched in 2001, SYIF has made a real impact on the economy in South Yorkshire, supporting a wide range of sectors, from manufacturing to creative and digital, environmental to health.

£60million including money with management has been invested into businesses to help them meet the funding gap for growth and development.

More than 2,500 businesses have received assistance from SYIF – a thousand more than the target set at the outset – helping to create and safeguard 9,132 jobs.

However, the Fund has been more than a source for finance. SYIF’s expert team of investment managers have carefully assessed the commercial return expected back from every investment made.

Tony Goulbourn, chief executive of South Yorkshire Investment Fund, said: “The economic impact from the Fund, which is generated from combining both financial and mentoring support to businesses, will be re-invested back into South Yorkshire companies to benefit the region over the long-term.

“Even though the first Fund has come to an end, we will continue to manage a number of investments made during the last few years which require on-going support to ensure maximum returns are provided. Due to the sustainable nature of the Fund we are expecting to see a legacy of approximately £20m by 2013 for this region.”

A constant success for SYIF has been their relationship with intermediaries and business advisers which have helped to indentify, establish and build the market for the Fund.

Other key partnerships have enabled SYIF to maintain a wide spectrum of financial packages for businesses. However, the most important is SYIF’s relationship with Government Office for the Region (Objective 1 Executive), Yorkshire Forward and Business Link Yorkshire.

Tony added: “All our partners have been incredibly supportive and became the catalyst for economic development, business support and investment readiness, making the region more attractive to small business clients, other investors as well as businesses looking to move to the region.

“Following the recent launch of Finance Yorkshire, it is important that our existing clients and the small and medium businesses in South Yorkshire are provided with a seamless and continuous flow of finance from the Fund.

“The success of SYIF has provided a foundation and we are confident that this will be built upon to further benefit the South Yorkshire economy and its businesses.”

Finance Yorkshire, supported by Yorkshire Forward, will invest £90million in businesses across the region and is set to complete a four-year investment phase by 2014.

The Fund can provide seedcorn, loan and equity linked investments, ranging from £15,000 to £2m, specifically to help small and medium businesses across Yorkshire and the Humber meet the gaps in funding they need for growth and development.

Supported financially by the European Union, the project has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme.

For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.

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