Yorkshire Forward boosts investment chest
YORKSHIRE Forward has announced it is to make £9.7m available to support business growth in Yorkshire through venture capital funds Partnership Investment Finance (PIF) and South Yorkshire Investment Fund (SYIF).
The funds will allow SYIF and PIF to invest in small and medium sized (SME) businesses in Objective 1 and 2 areas of the region who would struggle to secure finance for growth through the traditional banking system, especially in the current economic climate.
The £9.7m pot will ensure SYIF and PIF can continue to invest in regional businesses when their current funding stream ends on December 31 – and will bridge the gap whilst a new region wide venture capital and loan fund is developed using both Yorkshire Forward and European funds.
It is hoped the new fund will be worth up to £120m and come online in autumn 2009.
Yorkshire Forward has recently started the process of tendering for a suitable fund manager to deliver the new fund in the region.
Alex McWhirter, assistant director of business at Yorkshire Forward explains; “Both SYIF and PIF have achieved significant success in the region to date, investing more than £87m in the region, supporting over 940 businesses.
“This new funding will allow PIF and SYIF to continue with their existing pipeline of investments and work with new companies, whilst we continue to develop plans for a new regional fund that will make it easier for businesses from across our region to access finance for growth.”
“This latest investment and the development of the new fund are both key elements of Yorkshire Forward’s core commitment to ensuring growing businesses in our region can access the support they need to succeed – and this is particularly critical in challenging economic circumstances.”
PIF and SYIF are urging regional businesses to find out if they are eligible for finance by contacting the funds direct or the region’s Business Link service.
For more information about PIF and SYIF visit their websites www.partnershipif.co.uk and www.syif.com
