News: Rotherham firms benefit from Finance Yorkshire

The new business growth fund, Finance Yorkshire has invested more than £5m in the region, with high-growth Rotherham businesses amongst the first to secure funding.

The figures highlight how the investments, made since August 2010, have helped 75 of the regions small and medium sized businesses meet their funding requirements for growth and development – and secure millions of pounds of private sector leverage.

The £5m invested by Finance Yorkshire has seen the region benefit financially by more than three times as much through private sector leverage meaning the funding has helped the organisations generate growth and revenue to the tune of nearly £16m.

S3 ID in Rotherham became the first company to receive an Equity Fund investment from Finance Yorkshire. They secured £1.1m to enable them to maintain the controlled expansion they has experienced over the last three years.

The Eastwood firm offers a range of unique and patented solutions which improve personnel safety and security in the oil, gas, petrochemical and energy sectors.

Innovative Rotherham company Xeros Ltd was one of the first companies to receive a seedcorn investment from Finance Yorkshire last year.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, the Leeds University spin-out is developing the world's first "virtually waterless" washing machines.

Alex McWhirter, chief executive of Finance Yorkshire, said: "The investment figures are encouraging and we are looking forward to providing more funding for businesses during the rest of the year. After a delayed start to have invested over £5m is a great sign for the future both for the Fund and for businesses in Yorkshire and Humber.

"We encourage growth companies looking to expand their business to get in touch with us.

"As the latest figures show, the investments are crucial to supporting business growth in Yorkshire and Humber. This will create a significant boost to the region's economy."

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m. It 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.

Finance Yorkshire website

Images: finance-yorkshire.com