£1million boost for South Yorkshire businesses
South Yorkshire Investment Fund invested almost £1million in the region’s businesses during the first three months of 2009.
The Fund, provided investments totalling £893,000 between January 1 and March 31.
In January, SYIF received an additional £7 million from Yorkshire Forward to support business growth in Yorkshire and the Humber during 2009 before the start of the planned Successor Fund later this year.
It is hoped this new Yorkshire-wide fund will be worth up to £90 million.
The figures also highlight how the investments made since October 2008 have helped businesses.
A total of 163 businesses were assisted, creating and safeguarding 118 jobs and creating £5.49 million worth of additional sales.
Tony Goulbourn, chief executive of South Yorkshire Investment Fund, said: “The initial investment figures for 2009 are encouraging and we are looking forward to providing more funding for businesses during the rest of the year.
“We encourage anyone looking to expand their business to get in touch with us.
“As the latest economic output figures show, the investments are crucial to supporting business growth in South Yorkshire. We are expecting similar outcomes for this year, which would be a significant boost to the region’s economy.”
SYIF’s initial investment period came to an end in December 2008 after investing a total of almost £50 million in businesses (including money with management).
The money helped create and safeguard a total of 8,000 jobs and generated more than £425 million worth of additional sales.
Looking ahead, SYIF is continuing to work with Yorkshire Forward and Partnership Investment Finance to develop a £90 million regional fund planned for launch later in the year.
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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).