Tuesday, December 10, 2013

News: Finance Yorkshire fills the gap

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Gap funding provided by Finance Yorkshire is making a real difference to growing businesses in the region.

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m. A funding gap is a shortfall in capital needed to fund future operations or projects and is often used to fund research and development or purchase equipment needed to bring a product to market.

Since being launched in August 2010, more than 300 SMEs in Yorkshire, the Humber and North and North East Lincolnshire have found additional gap funding at Finance Yorkshire. It has made more than 477 investments totalling some £56m and this has led to 6,120 jobs being created and/or safeguarded.

Alex McWhirter, chief executive of Finance Yorkshire (pictured), said: "These figures demonstrate the huge value and difference Finance Yorkshire's gap funding is making to businesses in Yorkshire and the Humber. We plan to continue to invest as much as we can to enable our regional companies to innovate, expand, access new markets, create jobs – and prosper."

Finance Yorkshire has attracted £30m investment from the European Regional Development Fund (ERDF), £15m from Yorkshire Forward's Single Programme, and £45m match funding from the European Investment Bank. It works with its considerable network of financial intermediaries and business advisers to inform companies in Yorkshire and the Humber about the funding it has available to support business growth in the region.

Mr McWhirter added: "We complement the funding available from the banks and we can invest in SMEs – it's as simple as that.

"We know that it is not always possible for SMEs to secure finance from traditional funding sources to achieve their ambitions and that's where Finance Yorkshire can step in and fund this gap.

"Businesses need to be aware that Finance Yorkshire is here, willing and able to provide the potential funding they need for business growth. Many of our companies have plans to invest in their businesses which is great news for the regional economy and Finance Yorkshire can help them do just that."

Rotherham firms securing funding include AME Group Ltd, Xeros, Approved Food, RediRack, S3-ID, Xiang Trading Ltd and Labfacility.

Finance Yorkshire website

Images: Finance Yorkshire

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