News: £9.7 Million fund approved to support business growth in Yorkshire and Humber

Regional Development Agency Yorkshire Forward has announced that they are to make £9.7 million available to support business growth in Yorkshire and Humber 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 enterprises (SME) 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 £9.7 million pot will ensure SYIF and PIF can continue to invest in regional businesses when their current funding stream ends on December 31st and 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 £120 million and come online in autumn 2009. Yorkshire Forward has recently started the process of tendering for a suitable fund manager to deliver the fund in the region. Alex McWhirter, assistant director of business at Yorkshire Forward said: "Both SYIF and PIF have achieved significant success in the region to date, investing more than £87 million 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."
SYIF website
Yorkshire Forward website
Rotherham