Boost for businesses as Finance Yorkshire increases loan fund limit

FINANCE Yorkshire said it is now providing loans of up to £250,000 from its business loan fund to “reflect demand.”

The larger loans are being made available specifically to accommodate requests for funding of up to a quarter of a million pounds after demand from the market, businesses, intermediaries and co-funders, it said.

This higher funding offer is targeted at established and profitable companies, which are generating revenue and demonstrate the potential to grow but are still unable to obtain the required level of funding through conventional banking and finance routes.

Rosehill Polymers Group, based in West Yorkshire, has already benefited from the expansion after receiving a £250,000 business loan from Finance Yorkshire.

The company supplies polymer technologies and moulded rubber products to a range of global markets, including sports and play, military, rail, highways, biomedical, adhesives and the energy industry.

It will use the funding to buy new plant and machinery to support the development of an additional production line.

Alex McWhirter, chief executive of Finance Yorkshire, said: “This new level of funding will provide a significant catalyst to a range of successful businesses needing finance to help them grow.

“Speaking to businesses we found there was a real demand for this to be made available, so we therefore decided to adjust our offering to meet the market need.”

He added: “Finance Yorkshire’s business loans have been extremely popular with companies across Yorkshire, the Humber and North and North East Lincolnshire. This extension will enhance the financial support available even further and provide a much-needed shot in the arm for the regional economy.”