SYIF invest £35million in businesses
SYIF: £35m Invested in South Yorkshire Businesses
South Yorkshire Investment Fund has invested more than £35 million in businesses (including Money with Management) across the region.
More than £10 million has been loaned in the last 12 months and the funding has created and safeguarded more than 6,400 jobs and generated £283million of additional sales for the companies.
The figures have been calculated up to the end of September 2007 and South Yorkshire Investment Fund Chief Executive Tony Goulbourn said: "Access to finance for small and medium businesses is still a crucial part of the region's recovery.
"To meet the needs of these businesses there is a continuing necessity to fill funding gaps in the market.
"The region has achieved great progress over the past five years, but it is critical to maintain and increase the momentum of change. Part of this success has been the ability of the South Yorkshire Investment Fund to provide finance to businesses unable to meet their needs elsewhere."
To maintain the impact of SYIF1, the Fund is now working closely with Yorkshire Forward, Government Office and City Region stakeholders in the design of a SYIF2.
Tony added: "Creating a Successor Fund will provide a cost effective alternative to grant-aid and will continue to support economic goals in the region. This is better for investors, including government, and for businesses."
"I believe a permanent fund for South Yorkshire will ensure that the positive views and innovation of business will be reinforced and accelerated - as part of the region's transformation."
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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).