Wednesday, April 1, 2009

News: SYIF announce interest rate cut


South Yorkshire Investment Fund has reduced its interest rates on small business loans for the second time in three months, following the latest reduction in the Bank of England base rate. The new rates have been set in line with European State Aids which limit the minimum net rates which SYIF can charge. SYIF provide loan and equity linked investments, ranging from £15,000 to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development. SYIF's Small Business Fund gross interest rate charged on all loans remains unchanged at 12per cent fixed, but rebates have been increased by one per cent. Meanwhile, SYIF's Capital and Development Funds continue to provide equity linked investments from £100,000 to £2.5 million and each investment is dealt with on a bespoke basis. The Seedcorn Fund continues to make investments in the form of equity investments or through convertible loans. Larger investments are made in phased payments related to progress against agreed development milestones. The rebates are subject to certain conditions, including the provision of management accounts and compliance with the terms of the loan agreement.
SYIF website


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