Packaging company bags start-up loan
Published: 29th April 2004
KJ Solutions Ltd secures £50k loan for business start-up.
K J Solutions Ltd, a small packaging company in Doncaster, has received an unsecured loan of £50,000 from South Yorkshire Investment Fund.
Situated at Carcroft Enterprise Park, the company was recently set up to manufacture packaging. The products are mainly large Poly Propylene bags, used in the fertiliser and chemical industries.
The company, which employs 22 people, required funding to start the business. The £50,000 loan was used to buy the capital equipment needed to run the company. Having bought the equipment, the company is now able to begin production in South Yorkshire.
Managing Director, Kevan Upperdine said: "Without the help of South Yorkshire Investment Fund the company would not exist. They gave us the boost we needed to get the company off the ground and we are very grateful for the help and opportunities they have given us."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd said: "We are pleased to provide a helping hand to start-up companies like K J Solutions and believe that new companies should be supported in the early stages of their development."
The Fund can provide 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 £6.6 million in 86 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 2.4% 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.
The second product is an equity-linked package of a loan with equity options or an 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. Where appropriate Business Angel finance can also complement South Yorkshire Investment fund packages.
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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).