Finance Yorkshire £5m investment fund extension Thanks to LEPs
Mon 02 Jan 2017
Finance Yorkshire's investment fund has been extended following an injection of fresh capital from two of the region's local enterprise partnerships (LEPs).
Funding totalling £5m has been allocated to organisation by the Leeds City Region Enterprise Partnership (LEP) and Sheffield City Region LEP, supported by their respective combined authorities.
This follows the full investment of Finance Yorkshireâ€™s £113m fund in June this year.
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 and attract a further £286m from private sector sources. Finance Yorkshire said its investment had helped those SMEs to create and safeguard more than 13,400 jobs in the region.
The new funding support from the two LEPs enables regional investment activity to be managed by Finance Yorkshire up until the introduction of the Northern Powerhouse Investment Fund.
Finance Yorkshire chief executive Alex McWhirter said:
"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."
Roger Marsh, chairman of the Leeds City Region LEP, said investments from the fund would be "invaluable" and allow "regional businesses to enjoy further growth, create jobs and contribute to the economic success of the Leeds City Region".
Sir Nigel Knowles, chairman of the Sheffield City Region LEP, said: "Setting up a business, increasing your companyâ€™s assets and growing payroll are all times of stress for an SME.
"Creating pragmatic and straightforward investment opportunities that enable companies to thrive and grow is vital for the region."
Original article , Insider media