Penrose lands £40,000 loan from SYIF Small Business Fund.
Published: 14th September 2004
From left to right, Andrew Chaffer, Investment Manager, Mark Penrose, Managing Director of Penrose Angling Systems.
Sheffield-based company Penrose Angling Systems Ltd has netted a £40,000 loan from South Yorkshire Investment Fund (SYIF) – taking the total invested in the region to more than £7 million in over 100 businesses.
Managing Director Mark Penrose started manufacturing high quality tubular metal wares for anglers in 1994 in a small workshop in Attercliffe, Sheffield. The company has since grown in size and reputation, relocating to an 8,000 sq ft complex in the Waleswood industrial area.
The SYIF loan will be used to maintain the business’ plans for further expansion, creating three new jobs and assisting with the purchase of machinery vital to meeting increased demand from the company’s ever growing customer-base.
In addition to the angling trade, Penrose now offers a range of tubular metal products to a variety of sectors, including education, leisure, retail, medicine and industry.
Mark Penrose said: "SYIF has provided the company with a chance to maintain its momentum, offering a more flexible proposal than the banks with which we generally deal. Investment Manager Andrew Chaffer had a realistic an approach, he listened to our needs and provided us with a speedy application process."
Another South Yorkshire company to benefit from SYIF is General Maintenance & Training Ltd, which recently received a £25,000 loan. The Rotherham-based company specialises in private property maintenance and domestic insurance contracts throughout South Yorkshire.
The loan has primarily been used to upgrade the company’s call centre facility, with new computers, a telecommunications system and the creation of a more professional working environment. New staff have been recruited and more vans purchased.
Managing Director, Leigh Rixon, said: "General Maintenance is an expanding company that prides itself on good customer service. SYIF’s loan is a massive boost to us. One of the most positive aspects of the loan was the simplicity of the application process and the minimal paper work and administration involved."
Investment Manager, Andrew Chaffer, said: "These companies had reached a point where they needed a little help to take a promising business strategy forward – it is these kinds of projects that we are here to help. We want to hear from other regional small businesses who have found it difficult to obtain finance."
The Fund can provide unsecured loans of up to £100,000 (up to £50,000 for start up or early stage businesses) and equity-linked, shareholder packages of up to £2.5 million for businesses in, or prepared to relocate to, South Yorkshire. Each deal is negotiated individually.
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).