Fund now offers loans and equity investments up to £2.5 Million
Published: 1st December 2003
From left: Riding high is talented rider Carl Brogden, aged 15, Andrew Chaffer, InvestmentManager who led the deal with Mick Warwick, partner at accountants Knowles Warwick and Steve Halfpenny the MD of South Yorkshire Super Cross Ltd.
South Yorkshire Investment Fund has announced plans to offer loans and equity investments ranging from £15k to £2.5 million.
In the past the limit has been £1 million – this increased amount means we can now support a wider range of investment opportunities.
Chief Executive of South Yorkshire Investment Fund Ltd, Tony Goulbourn, said: "This doesn’t mean we are moving away from helping smaller businesses. We are now recognised and established in South Yorkshire as offering our expertise and experience to small and medium companies in a range of industries.
During the last few months the Fund has continued to attract interest from a diverse range of industries.
Since inception, the Fund has completed a wide range of deals, ranging from loans in fast growing businesses to larger venture capital deals, where it has backed management buyout and buy-in opportunities.
One loan highlighting the diversity of the deals undertaken by the Fund is a £40,000 unsecured loan for South Yorkshire Super X Ltd– Established at an old steel warehouse in Rotherham, spreading over an area of 40,000 sq ft it has been designed as a practice and race venue for both professional and amateur riders. It employs 12 people –with the intention to increase to 18 over the next few weeks.
Managing Director, Steve Halfpenny, said: "SYIF has been very helpful in helping the business get started. We want to build on this with a view to making it a major race venue – we already have members from across the country and now believe we are the biggest Supercross arena in the country.."
Andrew Chaffer, the Investment Manager who led the deal, said: "Steve came to us with his business plan and had a vision on how to transform a disused warehouse and from the outset we saw the potential for building a really solid business."
Mr Goulbourn added: "This latest loan proves we are prepared to invest in a diverse range of industries. We are in the business of making deals with new and existing businesses – large or small. Our plan to offer loans and equity investments up to £2.5m gives us even greater scope to help the South Yorkshire economy."
South Yorkshire Investment Fund offers a series of loan and equity linked packages which are structured to support businesses through critical stages of growth. A unique feature of the Fund is its Mentorbank project, which provides subsidised mentoring support to help management teams grow the businesses more profitably.
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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).