FINANCE YORKSHIRE’S £175,000 seedcorn investment in a York paint company has created its own milestone with the fund having now invested £100m in its lifetime.
The 792nd investment was in Renu-TPS, which has created a temporary paint system and wanted money for product development and marketing to target people wanting to customise cars.
James Newman, chairman of Finance Yorkshire, said the milestone was a “tremendous achievement”
The fund receives money through European JEREMIE funding and is capitalised by grants from the UK Government, European Regional Development Fund and finance from the European Investment Bank.
It provides seedcorn, loan and equity-linked investments, ranging from £15,000 to £2m, to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
Mr Newman added: “The Fund’s investments have made a significant impact on SMEs involved in a wide range of manufacturing and service sectors, in all parts of Yorkshire and the Humber.
“Many companies have found it difficult to access funding via traditional routes making our role invaluable. SMEs are the bedrock of our regional economy, and we will continue to support them. Through our consistent support we have helped SME’s to improve competitiveness and encouraged wealth creation in the region.”
Finance Yorkshire said its investments have increased aggregate turnover in its investee businesses by £360m, creating and safeguarding more than 11,000 jobs.
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