March 19, 2010 - Anonymous
Small firms in Yorkshire and Humber whose growth will help regional economic recovery, can apply for investment following the launch of the £90 million venture capital and loan fund.
The Finance Yorkshire fund is supported by regional development agency Yorkshire Forward and will invest in businesses that can demonstrate their ability to grow and support regional economic recovery — for example, by creating new jobs.
"Alongside Government support measures, this fund will help drive economic growth across Yorkshire and the Humber, by providing finance to hundreds of small and medium-sized businesses and start-ups, helping them to flourish and creating thousands of jobs," said minister for regional economic development and co-ordination, Rosie Winterton.
Any firm paying business rates in the region or wishing to relocate to the area can apply for seed, loan and equity investment ranging from £15,000 to £2 million.
Businesses must show that they have a gap in funding and that they are unable to get hold of sufficient conventional finance. The interest rate on loans provided by the fund is a fixed rate of 12 per cent.
In addition to the fund, a £3 million support programme for small firms has been launched, backed by Yorkshire Forward, to help businesses in the region understand the different finance options available to them.
The Understanding Finance for Business programme offers small firms up to five days of free advice from industry experts at local business support group Connect Yorkshire, to help them decide what type of finance is suitable for them and how to pitch successfully to investors.
"With a combination of workshops and seminars, free coaching and introductions to banks, venture capitalists and business angels, this programme will help small firms in Yorkshire and Humber find the funding they need to grow and prosper," said Connect Yorkshire chairman, Richard Doyle.
Firms that are interested in applying for the Understanding Finance for Business programme should contact Connect Yorkshire, Business Link or Yorkshire Forward.