SYIF Small Business Fund investment passes £5m landmark.
Published: 8th September 2004
Loans advanced to more than 100 South Yorkshire companies.
Financial support for small businesses offered by South Yorkshire Investment Fund (SYIF) has passed the £5m mark.
More than 100 companies have received support from the Small Business Fund which offers loans ranging from £15,000 to £100,000, 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 £50,000 available for start-ups or early stage development.
Since its launch in December 2001 SYIF has provided financial support for a wide range of businesses. Examples include:
The Glass Shop - a Barnsley-based company specialising in the manufacture of double glazing (loan £50,000 for new machinery and training costs)
SEAMS Ltd- a Sheffield-based consultancy and information technology business (£50,000 towards new computer systems and expansion costs)
TLC Handling Ltd - an aviation equipment manufacturer based at Finningley Airport, near Doncaster, that has developed a unique helicopter ground handling unit that enables craft to be moved around an airfield single-handed (£50,000 towards new plant and equipment and potential job creation)
Penrose Angling Systems- a Sheffield-based producer of equipment for anglers (£40,000 to support expansion and new machinery costs and potential job creation)
Hydra Mining Tools International Ltd- the Rotherham-based company has developed a world-first cutting system for the international coal industry that is produced at its Doncaster site (£100,000 to support launch and marketing costs)
Investment Manager Allan Wood said: "Passing the £5m landmark means that we have advanced 25% of the money available in the Small Business Fund. This means there is still another £15m available and we continue to seek suitable opportunities to support South Yorkshire businesses."
"Clients either approach us directly or are referred through intermediaries such as accountants and we look forward to hearing about many more investment opportunities. There are many inventive and determined entrepreneurs in South Yorkshire for whom the Small Business Fund can provide vital assistance."
"When we invest in a business we commit ourselves to know both the personnel and the business plan. It is something we take very seriously as we believe in building long term relationships with our clients. In some cases clients have come back to us for a second loan which is something we will consider if the circumstances are suitable."
Through its various channels, SYIF 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 £7.5 million in more than110 businesses.
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.
- Invitation to Tender for Fund Management Contracts
- Move to Barnsley
- Jobs boost from investment fund
- Finance Yorkshire looks to a future of investment
- New finance venture to boost businesses
- Screenprint displays the signs of success
- Doncaster hospitality company looks to the future
- Printing company gets it Wright with SYIF
- More Business & Investment News...
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).