Tuesday, March 16, 2010

News: New finance venture to boost South Yorkshire business


A new £90 million venture capital and loan fund to boost business growth in Yorkshire and the Humber has been launced.

Finance Yorkshire is supported by Yorkshire Forward and will invest in ambitious entrepreneurs and businesses who can demonstrate their ability to successfully grow their companies and support regional economic recovery.

Rosie Winterton, Minister for Regional Economic Development and Coordination, joined local businesses, including corporate financiers, advisers, accountants and solicitors, at the launch of Finance Yorkshire at the Aspire in Leeds.

Rosie Winterton said: "This is the biggest venture capital fund the region has ever seen. The recession has presented significant challenges for many people and businesses in Yorkshire, so I am delighted to formally launch this £90 million new investment fund at such a crucial time in the region's recovery."

The Fund builds on the success of the now fully invested South Yorkshire Investment Fund (SYIF) which invested £60 million in South Yorkshire, and is the first cross-regional finance support scheme to provide investment access on equal terms for all qualifying businesses.

James Newman, Master Cutler and chairman of Finance Yorkshire, said: "The launch of Finance Yorkshire is great news for South Yorkshire. It will breathe new life into businesses across the region by offering them the means to expand, increase turnover and take on new staff.

"Finance Yorkshire has a great amount of capital to invest helping to develop organic economic growth for the region. Having a regional investment fund will pool together the skills needed to make businesses successful and we look forward to beginning our task in early spring."

Simon Hill, executive director of business for Yorkshire Forward, added: "Through this fund we will be providing the kick-start that many businesses need, especially in the current climate, ensuring that they have access to finance for sustainable growth and the creation of jobs."

Finance Yorkshire website

Images: finance-yorkshire.com


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