SYIF invests £100,000 in two Sheffield companies.
Published: 5th July 2004
Polyfence and RHS Paneltech benefit from SYIF support.
South Yorkshire Investment Fund’s Small Business Fund has released a further £100,000 into the South Yorkshire economy in support of a further two businesses.
Sheffield-based companies Polyfence (UK) Limited and RHS Paneltech Limited have each received £50,000 loans.
Polyfence is a pioneering company in the design and manufacture of innovative plastic fencing using state-of-the-art technology. The company is now starting to capitalise on the UK fencing market which estimated to be worth in excess of £500m and growing.
David Forsyth, Managing Director at Polyfence, said: "The loan from SYIF has provided an enormous boost to Polyfence and will now allow us to expand more rapidly over the next year. We believe we can lead a real revolution in the UK commercial and domestic fencing market.
"After previous negative experience with loan applications from other sources, the process with SYIF was surprisingly efficient and uncomplicated with minimal administration and paperwork involved."
RHS Paneltech is one of the UK’s leading designers and builders of water cooled elements used in the steel-making process and provides a complete service which includes design, manufacturing, testing and installation.
Anthony Lyons, Managing Director at RHS Paneltech, said: "The Fund’s support marks a further milestone in our company’s development and will allow us to develop further our Ladle Arc Furnace Roof with peripheral fume extraction. This high safety, environmentally friendly product prevents slag adherence, eliminates fumes escaping into the workplace, reduces nitrogen pick-up and saves costs on graphite consumption and cleaning."
Andrew Chaffer, the Investment Manager who led the deal, said: "We are delighted to lend a hand to two already successful local companies looking to utilise all their full potential."
The Small Business Fund is the part of SYIF which offers loans ranging from £15,000 to £100,000 with effective annual interest rates from as little as 2.4% per annum. Unsecured loans up to £100,000 can be provided for established profitable businesses with loans of up to £50,000 available for start-ups or early stage.
We can also provide mezzanine loans up to £1.5 million and equity of up to £1 million which means we can finance deals of £2.5 million in total. These investments are to complement existing sources of finance and are intended to bridge any funding gap there may be in an expansion plan.
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 runs 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).