SYIF sets the pace with £40K Loan for biggest Supercross Venue in the Country
Published: 10th December 2003
From left: Andrew Chaffer, Investment Manager who led the deal with Steve Halfpenny the MD of South Yorkshire Super Cross Ltd and Mick Warwick, partner at accountants Knowles Warwick. And riding high is talented rider Carl Brogden, aged 15.
Largest UK indoor Supercross venue opens its doors to the public.
South Yorkshire Investment Fund has contributed to the establishment of the biggest Supercross arena in the country by providing a £40,000 unsecured loan to its owners.
South Yorkshire Supercross Ltd has been established at an old steel warehouse. 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.
Situated at TRM Buildings on Sheffield Road, the arena employs 12 people - which will increase to 18 over the next few weeks.
Riders - aged from as young as six-years-old - will be able to practise in a safe environment, seven days a week. Wednesday nights will become race evenings with internal viewing areas for spectators.
Managing Director, Steve Halfpenny, said: "We are already being visited by professional riders on a regular basis and nationally recognised coaches are offering coaching to our members."
"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."
In addition to the Fund's loan the company received matched funding from HSBC and Mr Halfpenny was also advised by Mick Warwick, partner at accountants Knowles Warwick in Sheffield.
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."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "This is an exciting project and the Fund is delighted to be involved. It is always good to be involved in a project where youngsters are getting some benefit out of it. This latest loan proves we are prepared to invest in a diverse range of industries - our aim is to bring employment and increase prosperity to the region and we want to hear from people with new and innovative ideas.
The Fund provides loans and equity investments ranging from £15k to £ 2.5m to businesses in, or prepared to relocate to, South Yorkshire. The Fund has already invested over £4.5 million in over 67 businesses.
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. Loans are unsecured for the majority of established profitable businesses with unsecured loans of up to £50k available for start-ups or early stage businesses.
The second product is an equity-linked package of a loan with equity options or equity investment, ranging from £50k to £2.5m where the Fund may take a minority shareholding in the business.
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 their business more profitably. South Yorkshire Investment Fund also run Capital Network a Business Angels introductory service for early stage businesses in South Yorkshire.
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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).