Tuesday, July 9, 2013

News: Business loan fund limit increased by Finance Yorkshire


Finance Yorkshire has raised its business loan limits up to £250,000 to meet with demand from the region's growing businesses.

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.

The larger loans are being made available specifically to accommodate requests for funding of up to a quarter of a million pounds after demand from the market, businesses, intermediaries and co-funders.

This higher funding offer is targeted at established and profitable companies, which are generating revenue and demonstrate the potential to grow, but are still unable to obtain the required level of funding through conventional banking and finance routes.

Alex McWhirter, chief executive of Finance Yorkshire, said: "This new level of funding will provide a significant catalyst to a range of successful businesses needing finance to help them grow.

"Speaking to businesses we found there was a real demand for this to be made available, so we therefore decided to adjust our offering to meet the market need.

"Finance Yorkshire's business loans have been extremely popular with companies across Yorkshire, the Humber and North and North East Lincolnshire. This extension will enhance the financial support available even further and provide a much-needed shot in the arm for the regional economy."

Finance Yorkshire has provided more than £17m in business loans since being launched in August 2010. Business loans are available for a wide range of purposes where funding gaps exist including working capital and capital expenditure.

Rotherham firms that have secured business loans from Finance Yorkshire include innovative design company, AME Group Ltd; the UK's market-leading provider of innovative location awareness solutions, S3 ID; and Labfacility, a leading manufacturer of temperature sensors for industry.

Finance Yorkshire website


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