SYIF and YABA join forces in bringing together investors and entrepreneurs.
Published: 14th June 2004
South Yorkshire entrepreneurs have showcased their companies and innovations at a Yorkshire Association of Business Angels (YABA) event in a bid to win funding to develop their business.
The event at Tankersley Manor, Barnsley is the first to be hosted by YABA on behalf of South Yorkshire Investment Fund (SYIF).
The new partnership between YABA and the Fund will enable both organisations to attract a wider range of companies to present to the business angels while retaining a strong focus on South Yorkshire.
YABA aims to bring together entrepreneurs seeking funding with business angels keen to invest in potentially successful and fast-growing businesses. Business Angels are individuals who look both for a return on their investment and to contribute to the success of a business.
One of several companies presenting at the event was Immersive Media Spaces Ltd. It specialises in the provision of interactive multi-media technology for education and entertainment. The company requires funding of £50,000 to support product development and the employment of dedicated sales staff.
Also presenting at the event was Pulse Generation Ltd. It is developing a hydro turbine which extracts energy from flowing water. Working in open flow eliminates the need to impound or divert water from natural channels, and turns any stretch of fast flowing river into a viable energy resource. The system requires a quarter of the depth of any competitor and promises to be twice as efficient. The business needs £50,000 to complete development and enter production.
Another company at the meeting was Disenco International AS. Currently operating in Norway, Disenco is relocating to Sheffield with its innovative product The Home Energy Plant. This energy machine is devised to replace domestic boilers. Designed for kitchens it has similar costs to a boiler and delivers heat, hot water and 70 per cent of a home’s electricity requirements. The company is seeking funding of £750,000 to help set up the business in Sheffield having secured £500,000 from the Carbon Trust and Yorkshire Forward.
Barbara Greaves of YABA said: "We were very pleased to see so many of our angel investor members at this first event with South Yorkshire Investment Fund and especially pleased to welcome our new members from South Yorkshire. As usual ten very varied business opportunities were presented including many innovative ideas."
Tony Goulbourn, Chief Executive of South Yorkshire Investment Fund Ltd, said: "We are extremely pleased to be working with YABA. This partnership will enable us to provide a wider range of innovative companies and greater opportunities for the Business Angels."
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 £6.9 million in 90 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.
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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).