Two Payment Options Launched
South Yorkshire Investment Fund has launched two options for payments of interest rate rebate subsidy for new clients applying for loans from the Small Business Fund - with effect from May 1 2007.
As you will be aware from recent communications there has been a change to the way SYIF make the interest rate rebate subsidy and mentor fee subsidy payments under our Money with Management agreement. This follows confirmation from Objective 1 that we will be unable to make claims beyond September 2008.
To date we have been able to accelerate payments so that existing clients can receive the full rebate that was agreed at the time of their loan being approved. We have now contacted all affected clients and have given them an amended schedule that will set this in motion.
For new clients, applying for loans now, there are two options that will be available. Either receiving the appropriate proportion of Interest Rate Rebate until September 30 2008 - or receiving the full rebate by paying all the interest up front. Both options will be offered to prospective clients and a detailed schedule will be provided allowing them to choose the option which best suits their needs.
These options only apply to Small Business Fund loans of between £15k and £150k, our Capital and Development Fund team will deal with each investment on a bespoke basis to ensure that the maximum Interest Rebate Subsidy can be claimed. By giving the client the option to claim the full interest rebate up front we aim to make sure we continue to offer gap finance at an affordable level.
For full details of the two options available and to receive a quotation, please contact SYIF's enquiry line on 01709 386377 or one of the Investment Managers.
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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).