Key Fund and South Yorkshire Investment Fund join forces to promote social enterprise funding
Published: 20th November 2003
Key Fund (South Yorkshire) Ltd (Key Fund) and South Yorkshire Investment Fund (SYIF) have joined forces to make life easier for South Yorkshire’s not-purely-for-profit/social economy organisations when looking for the right type of funding and business support.
The two organisations have launched a new brochure "Supporting successful enterprise in South Yorkshire’s neighbourhoods" which contains information on a wide range of funding sources and business support services available to social enterprises in South Yorkshire. The new brochure was launched at the highly successful second annual Footsey 100 Social Enterprise event held at the Magna Centre.
Supporting successful enterprise in South Yorkshire’s neighbourhoods contains detailed information on support available from nine different organisations and is thought to be the first time the different agencies have come together in this way.
Key Fund and SYIF are also working together to make not-purely-for-profit/social economy organisations aware of the opportunities that exist to use debt finance in support of enterprising projects in South Yorkshire.
The coordinated approach to promotion being taken by Key Fund and SYIF will make life easier for organisations when they are looking for the most appropriate source of funding for their project, saving on resources and eradicating duplication.
"Key Fund and SYIF have worked very closely for some time now as partners supporting the social economy in South Yorkshire but this coordinated approach to promotion consolidates our actions and will make life so much easier for social enterprises looking for funding," said Dee Mitchell of Key Fund.
"We have realised that those of us supporting the social economy in South Yorkshire are working with the same organisations and businesses. By working together in this way we can eradicate duplication of effort and resources, and provide an integrated package of support for social enterprises in South Yorkshire," said Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd.
Key Fund has £12million and SYIF has £2 million available to support social enterprise projects in South Yorkshire. The funding is available to organisations with a community-based project that plan to generate income to become self-sustaining.
Key Fund and SYIF are organising a series of events over the next year to provide organisations with information about debt funding and how it can be utilised by social enterprises. The events will take place across the four metropolitan boroughs of South Yorkshire and will start in the Spring of 2004.
South Yorkshire has one of the largest social economies in the UK with many of its organisations being seen as leaders in their fields. Often social enterprises work in areas of market failure or where publicly funded services are not seen as the most appropriate for the community.
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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).