Bank of Scotland: An intermediaries view
South Yorkshire Investment Fund works closely with a number of banks - one of them is the Bank of Scotland (BoS).
Here Steve Dale, Associate Director at the BoS Doncaster Corporate Centre, Ian MacDonald, Director of Corporate Banking at BoS Sheffield, and Paul Stevenson, also a Director at BoS Corporate Sheffield, explain how they work with SYIF.
Over the years, the Bank of Scotland has made investments into a wide variety of businesses, from small technology companies to the largest public organisations. The experience of the BoS team is put to good use when helping companies throughout the UK to achieve their business goals.
The BoS corporate banking team work regularly with SYIF and find the organisation provides a useful source of finance for them to assist in helping meet their clients' needs. The team have been working in partnership with SYIF on a number of deals over the past four or five years and find its experience invaluable.
The team finds SYIF a strong ally in the financial marketplace, demonstrating an appetite to assist in viable business projects where supplementary funding is required. This supplementary funding is often essential for some of their clients and enables them to take their companies to the next level.
The BoS team find the SYIF decision making process streamlined and is pleased with the way the SYIF team ensures that clients are advised at suitable stages as to the robustness of their application.
Steve Dale has recently worked with SYIF on a deal with Barnsley-based Cudworth Concrete Products. SYIF had previously provided funds via a short-term loan facility when the business was originally purchased around four years ago. When the client requested funds for additional working capital and capital expenditure needs, Steve looked to SYIF to assist with an element of the overall package. BoS and SYIF successfully worked in partnership to fulfil the funding requirement of the business.
Meanwhile, Ian has been working with SYIF on around six clients. He finds the way some companies have a mentor or non executive director - which SYIF can also help to finance - really useful. Mentors and non executive directors tend to fill any skill gaps in company management teams.
Paul Stevenson, who joined the BoS team recently, worked extensively with SYIF in his previous role and will do so again in his new one. He has recently worked with Richardson Sheffield Limited where SYIF provided £450,000 to part-fund its relocation, which included the purchase of a new property. He's also worked on several other recent joint funding initiatives with SYIF.
Paul said: "SYIF is invaluable in filling a niche in the market for gap funding propositions up to £2.5 million, either in buy-outs, buy-ins or development opportunities. This is not an area where there are a large number of 'players' and therefore a good relationship with SYIF is critical to our own success."
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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).