SYIF funding still available for businesses
South Yorkshire Investment Fund has reiterated its message that almost £10million of funding remains available for businesses to take advantage of.
The announcement was made to intermediaries, who work with SYIF and businesses in the region, at update events around South Yorkshire.
SYIF Chief Executive Tony Goulbourn indicated that money remains from SYIF's current Fund and a £4million interim fund from Yorkshire Forward, ensuring that South Yorkshire businesses can continue to access finance up to the end of 2008 and beyond.
More than 200 people attended the events which were staged in Doncaster and Rotherham.
The events provided a SYIF update to intermediaries in the area, informing them of the funding packages available. This included presentations covering business loans, equity linked packages, seedcorn finance and micro-loans.
Tony said: "The message is all about continuity and it is important that we communicate that to intermediaries, who give us the deals."
SYIF was able to feedback on the independent survey it compiled with intermediaries on SYIF's performance and position in the market and how market conditions for SME finance will change in the short-medium term.
The online research received responses from approximately 70 intermediaries, with the majority indicating that accessing finance was a problem for every business group, but particularly for new start-ups (89 per cent) and early stage technology based businesses (83 per cent).
Although the finance gap is still seen as affecting SME businesses in South Yorkshire, a positive finding was the high level of agreement that SYIF products do help to fill it.
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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).