11:04am Thursday 11th March 2010
By Ron Godfrey
A £90 million fund that will “breathe new life into Yorkshire businesses” will be launched in York later this month.
The fund, called Finance Yorkshire, will be unveiled at the Marriott Hotel on Wednesday, March 24.
It will invest in businesses across the Yorkshire and Humber region and is set to complete a four-year investment phase by 2014.
Intermediaries, such as corporate financiers, advisers, accountants and solicitors are to attend the event, along with representatives from Finance Yorkshire and rergional development agency Yorkshire Forward.
Similar launches are also being staged in Leeds, Sheffield, Skipton, Scarborough and Hull throughout this month.
Finance Yorkshire builds on the success of the now fully invested £42 million Partnership Investment Finance (PIF) and is the first cross-regional finance support scheme to provide investment access on equal terms for all qualifying businesses. York-based James Newman, chairman of Finance Yorkshire, said the fund would mean great things for Yorkshire businesses.
He said: “The launch of Finance Yorkshire is great news for 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.
“This event provides a brilliant opportunity for intermediaries to find out about Finance Yorkshire and how the fund will be able to help businesses in the region.
“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.”
Finance Yorkshire can provide seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
For more information, visit finance-yorkshire.com or phone 0845 649 0000.
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