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South Yorkshire Investment Fund appoints new board member

Published: 29th January 2003

New board member Mike Patterson looks forward to his new role at South Yorkshire Investment Fund.

South Yorkshire Investment Fund Ltd has appointed Mike Patterson to its Board of Directors.

Mr Patterson works as a regeneration director with Sheffield-based Manor & Castle Development Trust, which is responsible for the financial management of around £10m of public sector regeneration funding each year. It covers an area of Sheffield with a population of 100,000.

Mr Patterson has previously worked as a marketing accountant with Smith & Nephew Plc and as a management auditor with Northern Foods Plc. He was born in Hull with a degree in Business Studies from Sheffield Hallam University.

He said: "I am thrilled to be joining the Fund and look forward to helping it continue its excellent work in South Yorkshire."

Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd,
said: "We are delighted that someone as experienced as Mike has agreed to join our board. I am sure he will be a considerable asset to the fund. We look forward to a happy and successful association with him."

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 from as little as 3% per annum.

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 can 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.

Editor's Notes

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.
http://www.finance-yorkshire.com

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).