Thursday, September 21, 2017

News: Finance Yorkshire creating legacy fund

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Regional funding body, Finance Yorkshire has fully repaid its debt finance meaning that future returns from investments will now be used to create a legacy fund for future investment into the region.

The Finance Yorkshire fund achieved full investment of £113m last year. It was originally developed as a European JEREMIE initiative, capitalised by grants from the UK Government, European Regional Development Fund and debt finance from the European Investment Bank (EIB). The successful investment fund was extended as the Sheffield city region waited on the £400m Northern Powerhouse Investment Fund (NPIF).

New figures reveal that investments by Finance Yorkshire have created or safeguarded more than 16,000 jobs in the region. Since its launch seven years ago, the SME funder has invested in more than 500 SMEs across Yorkshire and the Humber.

The figures show that Finance Yorkshire's investments have enabled those companies to increase their turnover by a total of £474m and attract a further £362m from other private sector sources.

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James Newman, chairman of Finance Yorkshire, said: "These figures demonstrate that Finance Yorkshire has more than delivered on its original brief to support SMEs and create jobs and economic growth.

"I am immensely proud of our team that has made this happen over the past seven years. Through their hard work and diligence, we have made hundreds of investments that have led to more employment and boosted the economic future of the region."

Alex McWhirter, chief executive of Finance Yorkshire, added: "These economic output figures demonstrate the success of the Fund and its performance in surpassing all expectations when we launched it in 2010.

"At that time, we started with a £90m fund and over the course of our investment period, because of our success, we were able to secure an additional 30% funding to invest for the benefit of the region's SMEs."

Earlier this year, Rotherham-based Specialised Laser Products (SLP) secured a £75,000 business loan from Finance Yorkshire as part of a funding package which has enabled the company to purchase the premises it had been leasing. Buying its premises on edge of the town centre has helped to secure the future of the business which is aiming to boost turnover.

Finance Yorkshire is now exploring future investment opportunities to utilise its legacy fund. McWhirter added: "There is still considerable unmet demand from SMEs for investment support to enable their businesses to grow and prosper. We are keen to look at what investment opportunities there are available to continue to facilitate the success of companies across Yorkshire and the Humber."

Finance Yorkshire website

Images: Finance Yorkshire


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