Finance Yorkshire secures £5m extension

Finance Yorkshire secures £5m extension

Finance Yorkshire’s successful investment fund has been extended by a further £5m following an injection of fresh capital from two of the region’s Local Enterprise Partnerships (LEPs).

Finance Yorkshire is now looking for new investment opportunities in companies that require gap funding to realise their growth ambitions and employ more people.

Since its inception in 2010, Finance Yorkshire has invested in more than 470 companies, enabling those businesses to increase their turnover by a total of £452m.  

James Newman, chairman of Finance Yorkshire, said: “The full investment of our original fund was a fantastic achievement by everyone involved at Finance Yorkshire.

"The investments have enabled hundreds of SMEs across a wide range of industry sectors to expand their team, invest in equipment and open up new markets.

“I’m delighted that we have been able to secure additional funding to help even more SME’s and further boost the economy of our region.”

Chief executive Alex McWhirter added: “We know that many companies are in good shape but nonetheless find it difficult to access funding. Our investments play an important role in filling that funding gap.

“The full investment of our original fund was an exceptional achievement but we are mindful of the need to provide continued support for regional SMEs.

"I’m grateful to our partners in the Leeds and Sheffield City Region LEPs for working with us to secure this extension fund, which will be invested up until March 2017.

“We look forward to talking to regional businesses about their funding requirements and will continue to work closely with business advisors to highlight the investment opportunities available.”

Finance Yorkshire provides seedcorn, loan and equity linked investments to help a range of small and medium sized businesses to meet their funding requirements for growth and development.

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